Otago Daily Times

Mar­ket com­men­tary

- Business · Stocks & Markets · Investing · Financial Markets · Finance · Wellington, New Zealand · New Zealand · Z Energy · Ontario · New Zealand Exchange · Fisher & Paykel Healthcare · Pushpay · Ryman Healthcare · Fletcher Building · Mercer Airport · Sky Network Television Limited

WELLINGTON: Global trans­port and lo­gis­tics op­er­a­tor Main­freight touched a his­toric in­tra­day high of $60 a share be­fore fall­ing late in the day af­ter pro­duc­ing yet an­other solid fi­nan­cial re­sult. Over­all, the New Zealand mar­ket took a breather from its wild ride over the past two days.

The S&P/NZX 50 In­dex closed 53.24 points, or 0.42%, ahead at 12,665.63, af­ter reach­ing an in­tra­day high of 12,761.87. Vol­ume was solid at 67.9 mil­lion shares, worth $212.42 mil­lion, traded.

Main­freight re­ported its gross profit was up 23.4%, or $19.42 mil­lion, to $102.26 mil­lion for the six months end­ing Septem­ber; it would pay an in­terim div­i­dend of 30c a share on De­cem­ber 18. It told the mar­ket to ex­pect an im­proved 2021 full­year re­sult.

Main­freight’s share price reached $60.10 be­fore giv­ing back all its gain in late trad­ing, clos­ing 45c down at $57.75. The pre­vi­ous stock to top $60 on the lo­cal mar­ket was The New Zealand Re­fin­ing Com­pany in the early 2000s.

Forsyth Barr in­vest­ment ad­viser Dan Strat­ful said there were some pretty good cor­po­rate re­sults at the mo­ment and ‘‘we are see­ing a whole ro­ta­tion go­ing on with the Covid­sen­si­tive lag­gards catch­ing up at the ex­pense of the high­growth stocks’’.

Fisher & Paykel Health­care rose 63c, or 1.94%, to $33.06, while Push­pay Hold­ings con­tin­ued to de­cline, fall­ing 37c, or 4.63%, to $7.63 af­ter reach­ing a high of $9.40 on Oc­to­ber 14.

Ry­man Health­care gained 50c, or 3.23%, to $16, and Fletcher Build­ing, Z En­ergy and NZME con­tin­ued their strong runs. Fletcher rose 10c, or 1.93%, to $5.29; Z En­ergy was up 8c, or 2.58%, to $3.18; and NZME gained 9c, or 13.43%, to 76c.

Syn­lait Milk an­nounced its in­sti­tu­tional cap­i­tal rais­ing of $180 mil­lion had been com­pleted af­ter its place­ment was fully sub­scribed at $5.10 a share, and when trad­ing re­sumed in the af­ter­noon its price fell 53c, or 8.94%, to $5.40.

Abano Health­care said its takeover of­fer from

Aus­tralian in­vest­ment firm BGH Cap­i­tal and On­tario Teach­ers’ Pen­sion Plan had been in­creased from $4.75 to $5.20 a share, and Abano’s share price surged 56c, or 12.9%, to $4.90.

Sky Net­work Tele­vi­sion provided a se­cond im­proved earn­ings guid­ance and its share price in­creased 1c, or 6.67%, to 16c.

Med­i­cal cannabis firm Rua Bio­science fell 4c, or 7.14%, to 52c af­ter re­cently list­ing at 50c. —

Newspapers in English

Newspapers from New Zealand