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

 


MARKET CLOSE: NZ shares up; Turners Auctions beats guidance

MARKET CLOSE: NZ shares gain as Turners Auctions beats guidance, Michael Hill gains

Feb. 13 (BusinessDesk) – New Zealand stocks rose as Turners Auctions beat its earnings guidance and investors looked ahead to results from jeweller Michael Hill International and Vital Healthcare Property Trust tomorrow.

The NZX 50 Index rose 3.556 points or 0.1 percent to 4873.528. Within the index, 23 stocks rose, 22 fell and five were unchanged. Turnover was $120 million.

Used-car auction house Turners Auctions rose 13 percent to $2.65, an eight year high. Net profit rose 14 percent to $4.8 million in calendar 2013, beating its November forecast increase of 10 percent.

“Turners Auctions was the surprise of the day, delivering an unexpected great result and market reaction was positive,” said Grant Williamson, director at Hamilton Hindin Greene.

Brisbane-based Michael Hill rose 1.5 percent to $1.40. Vital Healthcare gained 0.4 percent to $1.275. Both companies are due to report earnings tomorrow. First NZ Capital analysts have forecast a 5 percent gain for Michael Hill’s net profit, and a 3 percent gain for Vital Healthcare.

SkyCity Entertainment Group was up 0.3 percent to $3.66. The casino operator delivered its results yesterday, which were down on the previous year, but not as much as the market expected, said Williamson.

Auckland International Airport declined 0.5 percent to $3.62, after the Commerce Commission reaffirmed that Christchurch International Airport is setting prices too high, reminding investors of the threat of regulation.

“Any sort of comment like the Commerce Commissions does have an impact on industry prone to regulation, and will create a bit of selling,” Williamson said.

Network provider Chorus fell 1.7 percent to $1.47. Chorus is facing regulated price cuts from December this year, unless the government pushes back on the commission’s decision.

Government-controlled energy company MightyRiverPower fell 0.8 percent to $1.975 and Contact Energy was down 0.2 percent to $5.19. The opposition Labour Party and the Greens have vowed to regulate the electricity market if they win this year’s election.

Retirement village operators were down today as investors took the opportunity to take some profit from the well-performing stock. Summerset Group Holdings sank 2.4 percent to $3.29. Ryman Healthcare slipped 1 percent to $7.60 and Metlifecare dropped 0.5 percent to $4.03.

“There’s been a bit of profit taking. Investors think the sector has had a good run and time to take some profit and look elsewhere,” Williamson said. “The outlook is still exceedingly positive, although some analyst valuations put it as a little bit stretched.”

Telecom rose 1.3 percent to $2.42. Cloud-based accounting software firm Xero gained 0.6 percent to $40.15. The nation’s largest listed company Fletcher Building was up 0.4 percent to $9.45.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news