Port the highlight as shares tread water
Analysts expect weaker growth in earnings season
New Zealand shares gained slightly, treading water ahead of an earnings season where analysts are expecting weaker growth. Port of Tauranga and Meridian Energy gained while Z Energy dropped.
The S&P/NZX 50 Index rose 4.75 points, or 0.07 per cent, to 7055.51. Within the index, 26 stocks rose, 14 fell and 10 were unchanged. Turnover was $103 million.
“The volatility from offshore is going to continue,” said David Price, a broker at Forsyth Barr. “We’re coming up to earnings season, there was quite a strong rally through January — up 2.5 per cent — so I think we’re coming into a results season that’s going to have relatively anaemic revenue growth, 2 to 3 per cent, and a lot of companies with negative growth, we’re forecasting 18 of the 46 to have negative growth. With the rerating, there will be quite a number of companies with a risk to the downside from this round.”
was the worst performer, down 2.2 per cent to $7.12. Energy Minister Judith Collins on Tuesday indicated there could be an an-
Z Energy
nouncement made next week about an inquiry into rising petrol margins. dropped 2.2 per cent to $5.42 and Fletcher Building fell 1.6 per cent to $10.33. was the best performer, up 3.8 per cent to $4.35. gained 3 per cent
Restaurant Brands Port of Tauranga Meridian Energy Metro Performance
to $2.71 and
Glass Trustpower
rose 2.2 per cent to $1.89.
rose 1.9 per cent to $4.73 after the electricity generator and retailer said a substantial shareholder in its King Country Energy unit was reviewing its 20 per cent stake in the Taumarunui power company.
Auckland International Airport
increased 0.2 per cent to $6.85 and
Air New Zealand
gained 0.5 per cent to $2.11 after the US embassy confirmed dual-national New Zealand passport holders wouldn’t be held up at US borders.
Yield stocks, which offer investors steady dividends, gained after an unexpectedly high unemployment rate tempered expectations the Reserve Bank will raise interest rates.
was up 1.6
Goodman Property Trust Stride Property
per cent to $1.275, increased 1.1 per cent to $1.179 and advanced 1.4 per cent to $4.11. Outside the benchmark index,
Chorus Opus International Consultants
was unchanged at 95c ahead of the engineering firm’s annual earnings scheduled for today.
AWF Madison,
the country’s biggest labour contractor, was unchanged at $2.70 after New Zealand’s unemployment rate unexpectedly rose to 5.2 per cent in the December quarter as the participation rate increased to a record 70.5 per cent.
was unchanged at $3.57 after ASX-listed suitor Bapcor crossed the 90 per cent threshold.
Hellaby Holdings