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

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news