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

 


Green Cross Health shares jump 6.9%, adding to profit gains

Green Cross Health shares jump 6.9%, best performer on NZX All Ords

By Tina Morrison

June 4 (BusinessDesk) - Green Cross Health, which changed its name from Pharmacy Brands this year to coincide with an expansion into the primary health sector, is the biggest gainer on the NZX All Ordinaries Index today as the company's earnings growth draws investors to the closely held stock.

Shares in Green Cross jumped 6.9 percent to $1.56, and yesterday touched $1.60 in intraday trading, its highest in more than nine years. Shares in Green Cross, which is 61 percent owned by cornerstone investors Cape Healthcare and LPL Trustee, have risen 17 percent in the past week since the Auckland-based company posted a 14 percent increase in annual profit.

"It's purely in reaction to what was a pretty good result," said James Smalley, a director at brokerage Hamilton Hindin Greene. "There's not a huge amount of liquidity. There's not really any selling at a reasonable level for the buyers to hit so the buyers are still pretty keen. With low liquidity stocks if you are keen to get in, you are normally having to pay a bit more."

Green Cross chairman Peter Merton said on May 27 that annual profit rose to $18.8 million from $16.6 million a year earlier as performance improved across all business units together with contributions from its new pharmacy and medical acquisitions. The company plans further acquisitions in the sector and is confident its platform will create further opportunities for growth and synergies between its businesses.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news