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

 

MARKET CLOSE: NZ shares rise; Ebos climbs to record

MARKET CLOSE: NZ shares rise; Ebos climbs to record; FSF gains ahead of earnings

By Suze Metherell

Sept. 22 (BusinessDesk) - New Zealand shares rose, with Ebos Group advancing to a record as investors sought defensive healthcare stocks. Fonterra Shareholders' Fund gained ahead of annual earnings.

The S&P/NZX 50 Index advanced 13.27 points, or 0.2 percent, to 5696.79. Within the index, 25 shares rose, 16 fell and nine were unchanged. Turnover was $131 million.

Ebos climbed 2 percent to $11.78. The healthcare and animal care products company posted a 15 percent gain in annual profit to $105.9 million last month led by increased sales and an improved margin from its Australian healthcare businesses.

"Their financial result reported last month was extremely good and this is a continuation of investors buying that stock on the back of that result," Grant Williamson, director of Hamilton Hindin Greene said. "The healthcare sector is viewed as quite defensive, so probably quite appropriate after the recent volatility we've seen in the markets."

Orion Health Group, the healthcare management software developer, led the benchmark index higher up 6.8 percent to $3.60. Outside the benchmark index, bladder cancer test maker Pacific Edge gained 3.9 percent to 53 cents

Units of the Fonterra Fund, which give holders exposure to the Fonterra Cooperative Group's earnings, rose 0.6 percent to $5.20. The co-op is due to report annual earnings on Thursday. The global dairy price slumped through much of this year, prompting Fonterra to slash its forecast payout for the 2016 season to $3.85 per kilogram of milk solids, the lowest level in more than a decade.

"The last two auction prices have shown some positive signs there," Williamson said. "It'll be interesting to hear what they have to say and the dividend is what investors are interested in as well."

Outside the benchmark, Synlait Milk, which counts China's Bright Dairy & Food as its biggest shareholder, climbed 3.6 percent to $2.62. The milk processor posted a 46 percent drop in annual profit to $10.6 million as lactoferrin sales missed expectations and it kept milk payments high enough to ensure supply.

Williamson said management were "quite positive" for the company's outlook which had heartened investors. "The underlying result itself was disappointing but understandable in the environment they've just gone through," he said.

A2 Milk Co, the milk marketing company, rose 1.4 percent to 72 cents.

Z Energy gained 1.3 percent to $6.13. The petrol pump chain is in the middle of a takeover offer for its rival Caltex chain, with the Commerce Commission deliberating whether or not it will make the market less competitive.

Kathmandu Holdings, the outdoor goods retailer, gained 2.7 percent to $1.53.

Metro Performance Glass, the country's largest glass processor, was the worst performer on the benchmark down 1.4 percent to $1.38.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:

Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: