Market commentaries
WELLINGTON: New Zealand shares hit a record in $64.5 million last year and in line with its February busy trading, led by Synlait Milk and A2 Milk Co forecast. while investors took profits on Freightways and In February, the company said 2018 net profit Ryman Healthcare. would be about 20% lower than last year’s
The S&P/NZX 50 Index rose 30.4 points, or 0.3%, $46.3 million, due to onetime gains from property to 9008.58. Within the index, 22 stocks rose, 18 fell sales in 2017. Today, chief executive Ian Glasson and 10 were unchanged. Turnover was $283.4 milsaid net profit after tax from normal trading was lion forecast to be about 25% lower, reflecting the lack
‘‘The market keeps ticking up, driven a little bit of significant property sales which added $8.7 again by Australia, particularly with A2, which was million to earnings last year, an expected loss on down at the open but has been up since the ASX currency hedges, and costs associated with started trading,’’ Hamilton Hindin Greene director potential Holidays Act remediation.
Grant Williamson said. The sharemarket dipped at the end of
A2 Milk was the most heavily traded stock on the yesterday’s session, after this report was prepared. index, with $52.8 million in turnover, and rose 3.5% The Australian sharemarket closed at a fourto $11.90. A2’s share price has been turbulent oAv erSPAwCEeek high after investors decided it was time to buy the past month since it gave an update with a less back into beatendown banks, and the major miners positive outlook than many investors h1a1 d exMp ectWedI, anC d y stocks made solid gains. dropping from $13.30 before the announcement to The benchmark S&P/ASX200 was up 77.4 as low as $10.24 in late May, though it has been points, or 1.29%, at 6,094.0 points yesterday recovering lost ground since then. afternoon, while the broader All Ordinaries index was
Synlait Milk was the best performer, up 3.5% to up 75.7 points, or 1.23%, at 6,205.3 points. $10.92, while Air New Zealand rose 3.4% to $3.31 Shaw and Partners senior client adviser Craig and Scales Corp gained 2.6% to $4.78. Summerset Sidney said gains in energy and mining stocks Group Holdings advanced 1.7% to $7.61 and helped boosted the local bourse, but the charge Westpac Banking Corp was up 1.6% to $29.86. ahead was led by the banks.
Freightways was the worst performer, down 4% ‘‘The banks have been hit quite hard recently so to $7.96, and Ryman fell 1.2% to $11.86. Ebos it’s just a bit of recovery,’’ Mr Sidney said.
Group dropped 1.1% to $18.17. Commonwealth Bank jumped 2.3% to $68.98,
Mercury New Zealand fell 2.6% to $3.34, National Australia Bank added 0.8% to $26.16, Gentrack Group declined 1.8% to $7.27, and Westpac improved 2.2% to $27.90, and ANZ found Heartland Bank was down 1.7% to $1.74. 1.8% at $26.68.
Outside the benchmark index, PGG Wrightson Mr Sidney said Woodside Petroleum’s announcedropped 4.3% to 67c. It reaffirmed its forecast for ment that it has started additional liquefied natural annual earnings between $65 million to $70 million, gas production at its onshore facility near Onslow in saying weaker performance from its Australian and Western Australia had helped lift energy stocks. South American businesses would be offset by Woodside rose 1.6% to $34.27, and Santos better trading in New Zealand. That is up from gained 2.7% to $5.98. — BusinessDesk/AAP
DAA