MARKET CLOSE: NZ shares rise; Mainfreight climbs 30 May 2012
- Spark issues 10-year bond, paying 3.94% Business
- Henderson claims judicial bias in appeal over tax conviction Business
- FAA buys kiwi screening technology Business
- Mad Butcher owner Veritas shares slump 17% on losses Business
- Kiwi Property raises $125mn, paying 4.00% over 7 years Business
- NZ business confidence steady in August Business
- Setback for Ruataniwha scheme as Forest & Bird wins appeal Business
- Seeka acquires Vital Foods' Kiwi Crush Business
- NZX best practice code recommends code of ethics Business
- Pushpay hires former Xero executive James Maiocco Business
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.
25 Aug 2016 News
New Zealand Government Hon Gerry BrownleeMinister of Defence 25 August 2016 Minister welcomes Baghdad appointment Defence Minister... more
29 Aug 2016 Business News
Article - BusinessDesk Monday 29 August 2016 03:47 PM Auckland Council debt rises 4.1% to $7.6 billion on infrastructure spending By... more
24 Aug 2016 Business News
Article - BusinessDesk NZ trade deficit narrows in July from year earlier as imports fall faster than exports By Jonathan ... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more
3 Aug 2016 Property
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more
2 Aug 2016 Property
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
25 Aug 2016 Travel & Tourism
New Zealand Government Hon Wagner using the new eGates at Wellington Airport.... more
10 Aug 2016 Travel & Tourism
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more
25 Aug 2016 Motor Sport
25 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the end game in Spain First published on Werewolf more
11 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more
29 Aug 2016 Appointments
New Zealand Government Hon Jo Goodhew Minister for Food Safety 29 August 2016 Jane Lancaster has been appointed to the Food ... more
12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more
3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more
3 Aug 2016 State of the Market Report
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more