Xero and a2 Milk lead NZ market down
Scales Corp up 1.5% with earnings set for top end of guidance
New Zealand shares fell yesterday, led lower by Xero and a2 Milk Co, while Scales Corp gained after a guidance update. The S&P/NZX 50 Index dropped 8.66 points, or 0.1 per cent, to 8176.21. Within the index, 23 stocks fell, 21 rose and six were unchanged. Turnover was $136 million.
led the index lower, down 2.6 per cent to $30.96, while fell 2.2 per cent to $8.12 and
declined 2
Xero Kathmandu Holdings Scales Corp a2 Milk Co
per cent to $2.40.
rose 1.5 per cent to $3.95. The company now expects fullyear earnings to be at the upper end of guidance between $55m and $62m on the performance of its horticulture division and new acquisitions. Earnings will rise in 2018, it said.
“It reaffirmed previous guidance, so it’s positive in that sense as more surety,” said Grant Davies, director at Hamilton Hindin Greene. “It has been reasonably well received, although the share price flattened off towards the end of the day.”
Heartland Bank
was the best performer, up 2 per cent to $2.05 while rose 1.9 per cent to $8.25. gained 1 per cent to $4. It has reshuffled its executive team,
Sanford Chorus
handing strategic responsibility to general counsel Vanessa Oakley from next March to fill a gap left by recent hire Scott Newton.
Outside the benchmark index,
New Zealand Oil & Gas
was unchanged at 70.5c. OG Oil & Gas has extended its partial takeover bid for NZOG for a second time, again saying the extra time is to secure regulatory approvals.
The oil and gas division of Ofer Global has more than 43 per cent of the Wellington-based company and needs more than 50 per cent to cross the minimum acceptance threshold.
Yesterday it extended its offer to January 8 “to allow time to obtain the necessary regulatory approvals,” the company said.
Last month OGOG pushed out the offer’s closing date to December 20.
was unchanged at $5.84, having gained 233 per cent this year. Its shareholders have approved a reverse listing deal that will see the NZX-listed company used as a vehicle for freight and logistics firm Transport Investments to go public. They will own 0.6 per cent of the transport group, which has an enterprise value of $200m.
Bethunes will change its name to TIL Logistics Group and its NZX ticker code to TLL from BIL, with trading to start tomorrow.
Bethunes Investments