MARKET CLOSE: NZ shares rise; Heartland, Kathmandu climb 30 Jul 2015
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
- NZ economy expands at fastest pace in two years Business
- New Zealand food prices fall in February Business
MARKET CLOSE: NZ shares rise; Heartland, Kathmandu climb
By Suze Metherell
July 30 (BusinessDesk) - New Zealand shares rose. Heartland New Zealand advanced after the bank affirmed its profit guidance. Kathmandu Holdings gained on the back of a positive earnings forecast by its would-be acquirer, Briscoe Group.
The S&P/NZX 50 Index rose 21.08 points, or 0.4 percent, to 5891.85. Within the index, 25 stocks rose, 17 fell and eight were unchanged. Turnover was $102 million.
Heartland climbed 4.4 percent to $1.19, after the Auckland-based lender said profit may rise as much as 15 percent in 2016, while affirming its guidance for earnings this year to reach the top of its forecast range at about $48 million, up from $36 million in 2014. In the wake of plunging global dairy prices, which have stretched the balance sheets of some farmers, Heartland sought to assure the market that the dairy sector amounted to about 7.6 percent of its total lending book.
"The share price has been drifting off in recent times and that was on concerns about exposure they had to the dairy sector," Grant Williamson, director at Hamilton Hindin Greene said. "They came out today and said it was quite minimal and they reaffirmed their guidance for the full year."
Kathmandu advanced 3 percent to $1.72. The outdoor goods retailer is in the middle of a takeover offer from Briscoe Group, which today said first-half profit rose at least 8.1 percent to $20 million, outpacing sales growth in the period, as the company continued to fatten its margins. The homewares and sporting good chain operator is offering Kathmandu shareholders five Briscoe shares for every nine Kathmandu shares as well as 20 cents, in a bid to buy the remaining 80.1 percent of the stock it doesn't already own.
Outside the benchmark index, Briscoe rose 1.1 percent to $2.85.
"The two share prices are pretty much trading in tandem at the moment because it is pretty much a scrip takeover," Williamson said. "Kathmandu shareholders will be waiting for the independent target statement and independent valuation before taking any action, and that's due out over the next couple of weeks."
Air New Zealand rose 0.4 percent to $2.66. Jetstar, the low-cost offshoot of Australian-owned Qantas Airways, will add a sixth domestic route with a new Wellington/Dunedin schedule and bolster its trans-Tasman flights as it looks to win passengers from dominant rival Air NZ.
Spark New Zealand, formerly Telecom Corp, advanced 1.2 percent to $2.935. Fletcher Building, the building supplies and construction firm, rose 1 percent to $7.90. Auckland International Airport, the nation's busiest gateway, climbed 1.1 percent to $5.32.
Outside the benchmark index, Gentrack Group fell 2.3 percent to $2.15. Chief executive James Docking is to leave next year, ending a decade-long tenure as leader of the transport and utilities software developer. He has been with the company for more than 20 years and oversaw its initial public offering last year.
Turners rose 3.7 percent to 28 cents. The finance company formerly known as Dorchester Pacific has bought Southern Finance for $5 million, giving it greater exposure in the South Island as it continues to expand its loan book. The acquisition is expected to immediately boost annual earnings before interest and tax by $750,000, growing to more than $1 million after the first year.
Millennium & Copthorne Hotels New Zealand was unchanged at $1.40. The hotel operator and property developer boosted first-half profit by 93 percent to $12 million as it lifted the performance of its hotel operations and its property developments turned profitable in the period.
New Zealand Oil & Gas rose 2 percent to 50 cents. The oil explorer says exploration drilling of the Barque prospect in the Canterbury basin, which has the potential to be the nation's biggest-ever hydrocarbon discovery, is expected to start in 2017, subject to securing suitable partners and a drilling rig.
Moa Group fell 1.8 percent to 28 cents. The craft beer maker will give workers another chance to get shares in the company, with a long-term employee option scheme issuing up to 1.2 million share options.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more