Scales and Sky TV lead NZX 50 higher
Shares rose as Scales and Mercury gained and Comvita fell after its earnings report. The S&P/NZX 50 Index rose 16.20 points, or 0.2 per cent, to 7115.69. Within the index, 23 stocks rose, 20 fell and seven were unchanged. Turnover was $132.5 million.
was the best performer, up 3.7 per cent to $3.63, with
rising 2.3
Scales Corp Sky Network Television Stride Property
per cent to $4.47 and gaining 1.7 per cent to $1.81.
advanced 1 per cent to $3.05. The electricity generator and distributor increased first-half profit 53 per cent to $113m, bolstered by favourable hydro conditions.
It lifted the full-year ebitdaf guidance it gave in November to $500m, compared with a previous $495m.
Among other elements, the annual guidance assumes 4250GWh of hydro production, flat operating expenditure and $5m from the divestment of carbon credits.
Mercury NZ Metro Performance Glass
was the worst performer, down 2.7 per cent to $1.45, and declined 1.7 per cent to $4.
dropped 2.2 per cent to $6.75. The manuka honey company
Comvita Chorus
turned to a $7.1m loss in the first half after Chinese authorities cracked down on informal trading channels. The shares have lost almost a third of their value in the past six months after Comvita warned earnings would be affected by a weaker honey harvest and slower sales because of the clampdown.
First-half revenue fell 37 per cent to $57.7m, but it expects sales to rebound in the second half thanks to growth in markets outside China, and new initiatives and innovations.
Heartland Bank
was unchanged at $1.57. The lender increased first-half profit 14 per cent to $29.1m as its loan book grew at the same time as it benefited from cheaper funding, with rural and business loans expanding faster than household lending.
Tourism Holdings
rose 0.3 per cent to $3.89. The campervan rental company lifted first-half profit 38 per cent to $11.3m with strong tourist demand in New Zealand and Australia, and said it would at least deliver its forecast annual profit of $27m. Outside the benchmark index,
gained 1.9 per cent to 55c. Its profit growth stalled at $16m in the first half, which the rural services company blamed on low prices for dairy and wool and reduced production of red meat which had made farmers more cautious about spending. Sales declined to $608m from $623m.
was unchanged at $7.60. It reported a 5.2 per cent drop in first-half profit to $10.5m and while it was guardedly positive about the immediate future, it signalled several risks. Trading revenue dipped 0.3 per cent to $437.46m.
was unchanged at 2.9c. SuperLife, the funds management business owned by NZX, has swapped 2.25m convertible notes for just under 70m shares in Energy Mad, giving it 71.4 per cent of the energyefficient lightbulb marketer.
PGG Wrightson Colonial Motor Co Energy Mad