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

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news