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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news