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

 

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news