Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MARKET CLOSE: NZ shares mixed in post-results hiatus

MARKET CLOSE: NZ shares mixed in post-results hiatus; Mainfreight down, AIA up

March 22 (BusinessDesk) – New Zealand shares were mixed in the post-earnings, ex-dividend hiatus. Mainfreight extended its decline after saying earnings would miss estimates and Auckland International Airport rose after reporting monthly passenger growth.

The NZX 50 Index edged up 0.38 points, or 0.01 percent, to 4342.88. Within the index, 23 stocks fell, 16 rose and 11 were unchanged. Turnover was $114 million.

Mainfreight, the global transport group, declined 2.7 percent to $10.90. Yesterday it said operating earnings will be flat for the full financial year, with the second half weaker than the first six months.

Mainfreight’s announcement shows “even the best companies can face difficulties,” said Shane Solly, portfolio manager at Mint Asset Management.

Pumpkin Patch, the children’s clothing chain, fell 1.7 percent to $1.18. The retailer announced this week that it returned to profit in the first half as costs to close underperforming stores in the US and UK a year earlier weren’t repeated. Sales fell on tough trading conditions and inventory disruptions.

Profit was $4.7 million in the six months ended Jan. 31, from a loss of about $30 million a year earlier, the Auckland-based company said in a statement. Sales fell 5 percent to $153 million.

Solly said as a high dividend market, the fact that many companies have already paid their dividends has “taken a bit of heat out of the market.”

“We’re in a zone where people are thinking about what potential listings are coming down the line and the hiatus after earnings season,” he said.

Auckland Airport rose 1.4 percent to $2.82. The nation’s busiest gateway said today that domestic passenger numbers rose 6.1 percent in February and international climbed 3.8 percent.

Postie Plus Group rose 10 percent to 16.5 cents after reporting a wider first-half loss. The loss widened to $1.8 million from a loss of $775,000 a year earlier.

OceanaGold, the operator of the Macraes gold field, rose 6.3 percent to $3.40.

Air New Zealand rose 2 percent to $1.52 and A2, the milk company, gained 1.8 percent to 58 cents.

Fletcher Building, the biggest company on the index, fell 0.5 percent to $8.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news