F&P leads local stocks higher
Other markets don’t fare so well after fall in oil price
New Zealand shares rose, led by Fisher & Paykel Healthcare and Sky Network Television, while Ebos and Metro Performance Glass fell. The S&P/NZSX 50 Index added 32 points to 7450.9. Within the index, 20 stocks gained, 22 fell and eight were unchanged. Turnover was $ 134 million.
Other Asian markets did not fare as well. Australia’s S&P/ASX 200 and Japan’s Topix were down after oil prices tumbled 5 per cent when an agreement by Opec to extend existing supply curbs disappointed investors wagering on larger cuts. On the NZX 50, New Zealand Oil and Gas was unchanged at 64c.
F&P Healthcare led the market higher, adding 2.2 per cent to $10.61. Early this week the medical device maker posted an 18 per cent gain in full-year profit, meeting its guidance amid record annual sales.
“Investors have started to look for a few of the good growth stories” in the New Zealand market, said Hamilton Hindin Greene broker Grant Williamson.
Sky TV added 1.2 per cent to $3.53. Sky TV and Vodafone New Zealand this week detailed their appeal against the Commerce Commission’s decision blocking their merger, arguing the regulator was mistaken to find the combined group would substantially lessen competition, and the ruling should be reversed.
In another merger case, NZME and Fairfax New Zealand plan to file papers in the High Court claiming the regulator was wrong in fact and in law in rejecting their planned merger.
Small cap Future Mobility Systems added 9.1 per cent to 18c after it posted a 24 per cent gain in annual profit and said plans to seek a listing on an overseas market are now well advanced. Future Mobility is the renamed amphibious boat maker Sealegs, changing its name and NZX stock ticker in January.
In the other direction, Ebos shed 1.8 per cent to $17.65 on some profit taking after it gained ground on news it entered an agreement to acquire HPS, Australia’s largest provider of outsourced pharmacy services to hospitals, for A$154 million.
Metro Performance Glass shed 1.4 per cent to $1.39. On Thursday, it delivered a $19.4 million net profit for the year to March 31, down from $21.3 million a year earlier. Dual-listed Australia and New Zealand Banking Group ended down 1.4 per cent at $ 29.95 while Westpac Banking Group lost 0.9 per cent to $32.25.
Trilogy International fell 1.3 per cent to $2.27. The company posted a 19 per cent gain in annual pretax earnings, meeting guidance, reflecting a full 12-month contribution from distributor CS & Co and stronger sales of its Trilogy beauty products, which offset the impact of higher raw material costs.
Contract l abour firm AWF Madison Group fell 0.3 per cent to $2.92 despite a 13 per cent increase in annual profit in a tight labour market.
Z Energy ended down 1.4 per cent at $7.67 while Sanford lost 0.7 per cent to $7.05 after gaining on the back of a 25 per cent increase in first-half profit reported a week ago. — BusinessDesk