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

Business leaders join international cyber security line-up

28 Apr 2016 News
New Zealand Government Hon Amy AdamsMinister for Communications 28 April 2016 More than 200 top business people will join... more

ANZAC 2016: 100th Commemoration

25 Apr 2016 News
The Ode of Rememberance  They went with songs to the battle, they were young.Straight of limb, true of eye, steady and aglow.They... more

Business

Landmark EQC settlement

28 Apr 2016 Business News
Article - BusinessDesk Landmark EQC settlement agrees it must repair homes to 'when new' state By Sophie Boot April 28 ... more

US underwear giant Hanes seeks Pacific Brands

28 Apr 2016 Business News
Article - BusinessDesk Thursday 28 April 2016 11:39 AM US underwear giant Hanes seeks Pacific Brands in A$1.1 bln offer By Jonathan ... more

Living

100 Years On – ANZAC Day commemorated where it first started, in London

25 Apr 2016 ANZAC By Charlotte Everett
You could be forgiven for assuming that the first ever ANZAC Day was commemorated in Australia or New Zealand. In fact, it was on this... more

Short Film Festival to Celebrate Canterbury

24 Mar 2016 Lifestyle
Canterbury Shorts   24 March 2016 Short Film Festival to Celebrate Canterbury Christchurch – A one-night only Canterbury... more

Property

KiwiSaver home buyer support tweaked

28 Apr 2016 Property
New Zealand Government Hon Dr Nick Smith Minister for Building and Housing 28 April 2016  Changes to KiwiSaver withdrawal rules... more

House-sharing aims to get Aucklanders on property ladder

27 Apr 2016 Property
Article - BusinessDesk House-sharing offer aims to get Aucklanders on property ladder By Fiona Rotherham April 27 (BusinessDesk) -... more

Migration

Kiwis could be affected by tighter UK rules

30 Mar 2016 Migration By Audrey Young
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more

Immigrants' attitudes to corruption worries SFO

17 Feb 2016 Migration By Sophie Boot
Feb. 17 (BusinessDesk) - New Zealand's record inbound migration has undermined the country's squeaky-clean reputation because of an... more

Travel

Air New Zealand to revenue share with United in NZ-US routes

11 Mar 2016 Travel & Tourism
Article - BusinessDesk   Air New Zealand to revenue share with United in NZ-US routes By Paul McBeth March 11 (BusinessDesk) -... more

First Dubai - Auckland flights take off

2 Mar 2016 NZ Tourism
New Zealand Government   Hon Simon Bridges Minister of Transport 2 March 2016 First Dubai - Auckland flights take off The start... more

Sport

Sleepless Nights for Ferns Selectors

28 Apr 2016 Rugby League
New Zealand Rugby League Thursday, April 28, 2016Sleepless Nights for Ferns Selectors   Akarana second row Annetta Nuuausala is ... more

NZL takes early lead in three events at Sailing World Cup

28 Apr 2016 Sailing
Yachting New Nealand NZL takes early lead in three events at Sailing World Cup Hyeres The NZL Sailing Team has made a strong start... more

Columns

Gordon Campbell on Trump and the Madman Theory

28 Apr 2016 Opinion By Gordon Campbell
Gordon Campbell on Trump and the Madman Theory Years ago, Richard Nixon explained to his chief adviser Bob Haldeman what has since... more

Gordon Campbell on Kiwirail’s latest stint in the dogbox

27 Apr 2016 Opinion By Gordon Campbell
Gordon Campbell on Kiwirail’s latest stint in the dogbox The denigration of Kiwirail continues. The latest review (based on a ... more

Kiwi Success

University of Otago appoints next Dean of Pharmacy

28 Apr 2016 Appointments
University of Otago University of Otago appoints next Dean of Pharmacy A leading researcher from Canada has been appointed as the... more

Network for Learning board reappointment

27 Apr 2016 Appointments
New Zealand Government Hon Nikki KayeAssociate Minister of Education 27 April 2016 Media Statement Network for Learning board... more

Recruitment

Zero-hour contracts gone, PPL extended

10 Mar 2016 Recruitment
New Zealand Government Hon Michael Woodhouse Minister for Workplace Relations and Safety 10 March 2016 Zero-hour contracts gone, PPL... more

Scheme helping to staff hard to fill positions

28 Feb 2016 Recruitment
New Zealand Government Scheme helping to staff hard to fill positions Health Minister Jonathan Coleman says an incentive scheme... more