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

 


MARKET CLOSE: NZ stocks mixed, F&P Healthcare up on guidance

MARKET CLOSE: NZ stocks mixed, F&P Healthcare gains on guidance

By Suze Metherell

Feb. 18 (BusinessDesk) – New Zealand shares were mixed. Fisher & Paykel Healthcare led gainers after raising full-year profit guidance for a second time. Fletcher Building paced the advance after First NZ Capital upgraded its recommendation.

The NZX 50 index edged up 0.109 points or 0.002 percent to 4895.097. Within the index, 16 stocks rose, 28 fell and six were unchanged. Turnover was $118 million.

F&P Healthcare rose 3.5 percent to $4.19, and has gained 79 percent in the past 12 months. The Auckland-based company, which exports most of its breathing apparatus, said increased demand for it sleep apnea masks meant annual profit was likely to be about $97 million, up from previous guidance of $90 million to $95 million, and 26 percent ahead of its 2013 profit.

“People have been watching Fisher & Paykel for a while,” said James Snell director of institutional equities at First NZ Capital. “They’re wary of the headwinds of the high kiwi dollar, but once people have confirmation of growth they’re happy to buy that story.”

Fletcher rose 0.6 percent to $9.60. The biggest company on the NZX 50 Index had its price target upgraded to $10.25 from $9 by brokerage First NZ Capital because of a pickup in the Australian building sector and benefits of the company’s cost cutting. The company reports first-half earnings on Thursday.

Online auction website Trade Me Group gained 0.3 percent to $4.05. Ebos Group, the healthcare and animal products company, rose 0.5 percent to $9.70. Meridian Energy edged up 1 percent to $1.035. Trade Me reports full-year earnings tomorrow, while Ebos and Meridian will announce half-year results.

“People are waiting for earnings to see if companies are falling in line with expectations,” Snell said. “The market is ready for the big earnings days ahead. There is a wall of the leaders coming through.”

Precinct Properties New Zealand fell 1.5 percent to $1.015. The commercial property investor reported a gain in first-half earnings on growth in its Auckland rental income, while growth in Wellington stalled.

Contact Energy slipped 0.4 percent to $5.17. New Zealand’s second-biggest listed energy provider’s first-half results showed 5 percent growth in underlying earnings, with improved sales and lower wholesale electricity prices offsetting weak overall demand.

Port of Tauranga declined 0.4 percent to $13.95 .Auckland International Airport rose 0.1 percent to $3.585. Nuplex Industries, the specialty chemical maker, was unchanged at $3.40. All three companies are report earnings on Thursday.

Sky Network Television edged up 0.4 percent to $5.77. The country’s dominant pay-TV operator sought preliminary indicators of interest in a retail bond offer, which would raise up to $100 million in capital for the company.

Telecom fell 1.2 percent to $2.39. Air New Zealand declined 0.3 percent to $1.69. SkyCity Entertainment Group slipped 0.3 percent to $3.75.

Melbourne-based miner OceanaGold led decliners on the index, down 2.8 percent to $2.75. Insurance provider Tower declined 2.4 percent to $ 1.62 and Restaurant Brands sank 2.1 percent to $2.74.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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