SkyCity climbs as market falls
Pushpay drags NZ shares down for a second day
New Zealand shares fell, led lower by Pushpay Holdings’ continued weakness, while SkyCity Entertainment Group gained on its strong annual results.
The S&P/NZX50 Index dipped 3.64 points, or 0.04 per cent, to 8872.09. Within the index, 21 stocks fell, 20 rose and nine were unchanged. Turnover was $126.5 million.
“The market has been moving in and out of positive territory,” said Peter McIntyre, investment adviser at Craigs Investment Partners. “Weak trade data in China led the Shanghai index down but the rest of Asia seems to have shrugged that off. We have continued to trade with aboveaverage volume.” Pushpay Holdings led the index lower, down 4.6 per cent to $3.53. The stock has dropped 15 per cent since August 1, when the company delivered first-quarter revenue within guidance and reshuffled its senior management after another abrupt executive exit. A2 Milk Co fell 1.4 per cent to
$10.40, Fisher & Paykel Healthcare Co dropped 1.2 per cent to $14.63, and Fletcher Building declined 1.2 per cent to $6.82.
Property For Industry dropped 1.2 per cent to $1.72. It lifted its dividend as strong portfolio activity drove higher revenue. Net profit jumped but largely due to a one-off in the prior period.
NZX declined 0.9 per cent to $1.08. It won’t force off-market transactions to meet a new minimum crossing threshold as long as they improve price transparency and will go ahead with a new pricing structure from October. SkyCity Entertainment
Group was the best performer, up 2.5 per cent to $4.08. It increased fullyear earnings more than forecast as its high-roller business recovered and its Auckland casino improved. It expects “modest growth” in earnings in the current financial year.
“The report was ahead of expectations and guidance, with international business being the main driver — it was a solid result, driven by a good fourth quarter,” McIntyre said. “The dividend is unchanged, that may increase but all in all it was a pretty satisfying result for those that have invested in Skycity.” Ryman Healthcare rose 2.1 per cent to $12.59, Arvida Group gained
1.6 per cent to $1.31, and Auckland
International Airport advanced 1.3 per cent to $6.835. Outside the benchmark index, Steel and Tube
Holdings dropped 5.5 per cent to $1.38. It says it attracted several new investors in the first tranche of a deeply discounted $80.9m capital raise. The company sold 18.1 million shares at $1.15 apiece, raising $20.8m