MARKET CLOSE: NZ shares rise; Mainfreight climbs   30 May 2012

New Zealand shares rose, led by Mainfreight after the nation's biggest road transport company posted record sales and earnings even as its European business struggled. OceanaGold fell as the price of gold declined.

The NZX 50 Index edged up 3.05 points, or 0.1 percent, to 3481.34. Within the index, 24 stocks rose, 14 fell and 12 were unchanged. Turnover was $92.9 million.

Mainfreight rose 3.2 percent to $9.76 after reporting annual net profit more than tripled to $80.5 million while sales climbed 35 percent to $1.81 billion, driven by trading in New Zealand and Australia. Its Netherlands-based Wim Bosman business missed an earn-out target and Mainfreight wrote back the value, which was 10 million euros.

"They delivered - New Zealand was strong and drove things up," said Shane Solly, portfolio manager at Mint Asset Management. "They have been spending time getting the US business humming along - Europe is also in progress."

Restaurant Brands fell 1.9 percent to $2.11 after the fast-food operator reported a 2.7 percent fall in first-quarter sales to $70.6 million, reflecting the success of the Double Down promotion at its KFC outlets a year earlier. The company said it plans to roll out the Double Down burger later this year, in a bid to replicate the boost to sales.

"It's a little on the slow side but nothing that would surprise people who have been looking at that stock," Solly said.

Construction company Fletcher Building rose 0.2 percent to $6.26 and building products maker Steel & Tube fell 0.9 percent to $2.18 after government figures showed a dip in issuance of new housing consents in April from a month earlier. New building intentions rose 22 percent the same month a year earlier, with Auckland driving demand.

New Talisman Gold Mining climbed 13 percent to 1.8 cents apiece after the gold miner formerly known as Heritage Gold said it will start out with $9.24 million in equity as it prepares to develop the Talisman gold prospect on the Coromandel Peninsula.

Sealegs rose 10 percent to 11 cents after the amphibious boat maker narrowed its annual loss to $1.9 million after boosting sales 38 percent to $13.8 million and slashing its marketing bill by more than half.

Ecoya was unchanged at $1.10 after the scented candle and skincare products company made a maiden operating profit of $204,000. Including the impact of earn-outs on its Trilogy acquisition and non-recurring accounting adjustments, it posted an annual loss of $218,000.

Sanford fell 1.3 percent to $3.90 after the fishing company boosted first-half profit 1.6 percent to $13.3 million and held its interim dividend payment at 9 cents per share. The company expects profitability to improve in the second half provided market conditions don't deteriorate.

OceanaGold, the operator of the Macraes gold field, fell 2.5 percent to $2.34. Spot gold fell to US$1,550.06 an ounce.

SmartPay jumped 39 percent to 12.5 cents after the eftpos terminal company said it raised $13 million in new equity capital and secured $25 million of bank facilities, allowing it to repay costlier existing debt and redeem its capital notes.

SmartPay sold the shares to institutional investors at 11.5 cents apiece, a level it hadn't traded at since November last year. The sale is subject to shareholder approval.

(BusinessDesk)

Add a comment

Bookmark and Share

News

Singapore-NZ Defence relationship celebrated

18 Jan 2017 News
16 JANUARY, 2017New Zealand and Singapore’s Defence Ministers Gerry Brownlee and Dr Ng Eng Hen today observed Exercise Thunder... more

Earthquake hit farmers to be offered movable homes

18 Jan 2017 News
18 JANUARY, 2017Twenty temporary housing units at the Rawhiti Domain used to support families through the Christchurch earthquakes are... more

Business

Korean FTA delivers new round of tariff cuts

18 Jan 2017 Business News
8 JANUARY, 2017More local businesses looking to expand into Korea will benefit from the latest round of tariff reductions under the... more

Solid growth for NZ despite fragile world economy

26 Dec 2016 Business News
The New Zealand economy continued to grow solidly in the September quarter, posting a higher than expected 1.1 per cent growth rate... more

Living

3rd Position, Louis Vuitton America’s Cup World Series

21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES more

Arts Foundation Award recipients for 2016

14 Nov 2016 Lifestyle
The Arts Foundation Next generation of internationally acclaimed talent among the Arts Foundation Award recipients for 2016Under ... more

Property

NZ house prices gain 11% in October

14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more

RBNZ sees pressures building in Auckland construction sector

11 Nov 2016 Property By Paul McBeth
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more

Migration

Good progress on investment attraction strategy

8 Dec 2016 Migration
Economic Development Minister Steven Joyce has welcomed news that New Zealand is attracting a higher level of quality international... more

Changes to Financial Markets Conduct Act impact UK pension transfers

1 Nov 2016 Migration
New Zealand Government Hon Paul GoldsmithMinister of Commerce and Consumer Affairs 1 November 2016 Changes to Financial Markets... more

Travel

Tourism spending strong ahead of summer season

18 Jan 2017 Travel & Tourism
12 JANUARY, 2017Tourism spending continued to grow throughout most regions in the year to November 2016, providing a solid base ahead... more

Work on $700m Puhoi road underway

8 Dec 2016 Travel & Tourism
Hon. Simon Bridges 8 December, 2016 Prime Minister John Key and Transport Minister Simon Bridges have turned the sod on th... more

Sport

Counties Manukau claim double victories at 2017 Bayleys National Sevens

18 Jan 2017 Rugby
15 January 2017 Counties Manukau are national sevens rugby champions.  In a stunning double effort, Counties Manukau have been... more

WHITE FERNS in form as competitions heat up

18 Jan 2017 Cricket
Posted Tuesday, 17 January, 2017 in International NewsNew Zealand’s WHITE FERNS are already showing Australia how it’s... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

High Commissioner to India announced

8 Dec 2016 Appointments
Hon. Murray McCully 7 December, 2016 High Commissioner to India announced Foreign Minister Murray McCully today... more

Acting District Court Judge appointed

11 Nov 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 11 November 2016 Acting District Court Judge appointed Wellington... more

Recruitment

NZ Government accepts recommendations on pay equity

8 Dec 2016 Recruitment
Hon. Paula Bennett,  Hon. Michael Woodhouse, Hon. Louise Upston 24 November, 2016 The Government will update the Equa... more

Fisher Funds hunts for new head to replace founder

2 Nov 2016 Recruitment
Article - BusinessDesk Tuesday 01 November 2016 04:42 PM Fisher Funds hunts for new head to replace founder Carmel Fisher By Paul ... more

s