MARKET CLOSE: NZ shares rise; Mainfreight climbs 30 May 2012
- Alex van Heeren loses long-running case Business
- NZ dollar could stay above Aussie dollar parity: UBS Business
- MARKET CLOSE: NZ shares fall; ANZ, Spark drop, FSF rebounds Business
- NZ dollar pares gains ahead of US inflation Business
- Air NZ's Houston link paves way for United Airlines tie-up Business
- Hancock NZ chief McCallum upbeat on outlook for timber Business
- Bluelab to spend growth grant taking new product to market Business
- LIC and Lely enter R&D partnership in farm sensor technology Business
- NZ TWI surges above RBNZ forecast, may prompt jawboning Business
- John Williamson flags Hellaby resignation 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.
14 Apr 2015 Education
Education Minister Hekia Parata and Associate Education Minister Nikki Kaye say next month’s Budget will provide $244 million... more
14 Apr 2015 Business News
April 14 (BusinessDesk) - A sharp slowdown in China would hurt commodity exporting countries like New Zealand and Australia and... more
13 Apr 2015 Business News
Cubic Defence NZ targets corporate along with military and security customers April 10 (BusinessDesk) - High-tech exporter... more
13 Apr 2015 ANZAC
Thousands of Australians, New Zealanders and Britons will gather in London on 25 April 2015 to mark the Centenary of the ANZAC... more
14 Apr 2015 Property
April 14 (BusinessDesk) - New Zealand residential property prices rose in March, led by Auckland where housing supply isn't meeting... more
1 Apr 2015 Property
NZ property values rise at fastest pace in 9 months in March: QV April 1 (BusinessDesk) - New Zealand residential property... more
2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more
17 Mar 2015 Travel & Tourism
Associate Transport Minister Craig Foss is welcoming a move by the rental vehicle industry to establish a Code of Best Practice to... more
6 Mar 2015 Travel & Tourism
Sustainable workforce solutions were at the centre of discussions between Government Ministers and tourism industry representatives... more
13 Apr 2015 Sport
The Black Sticks Men have won the 2015 Sultan Azlan Shah Cup in thrilling style with a 3-1 shoot-out victory over Australia. The... more
13 Apr 2015 Sport
Two New Zealand brothers helped the Oxford University rowers win over their Cambridge counterparts in the annual boat race on London's... more
14 Apr 2015 Opinion
Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been ... more
9 Apr 2015 Opinion
Gordon Campbell on a union victory in the fast food industry Good to have a reminder of why trade unions are still essential... more
14 Apr 2015 Appointments
April 14 (BusinessDesk) - Smiths City Group, the Christchurch-based retail chain, named Roy Campbell as chief executive, replacing... more
26 Mar 2015 Recruitment
Workplace Relations and Safety Minister Michael Woodhouse today announced a package of measures to strengthen enforcement of minimum... more
20 Mar 2015 Recruitment
RESEND: Warehouse says 63% of permanent staff now on 'career retailer wage' (Fixes fourth paragraph to show Warehouse is... more