Market commentaries
WELLINGTON: New Zealand shares edged higher yesterday, rounding out the second week of major earnings announcements with a 2% weekly gain.
The S&P/NZX 50 Index increased 8.48 points, or 0.07%, to 12,073.34. Within the index, 17 stocks gained, 30 fell, and three were unchanged. Turnover was $138.8 million.
On Thursday, the index broke through 12,000 for the first time. However, United States stock indices fell yesterday. The S&P 500 and Dow Jones Industrial Average were both down 0.4%, and the Nasdaq down 0.7%.
Ebos Group led the market, up 3.5% at $25 on a lighter volume of 150,000 shares, continuing to gain after reporting a firsthalf profit of $81.7 million, up from $67 million a year earlier.
The company also shrugged off news that Amazon had registered the ‘‘Amazon Pharmacy’’ brand in Australia early this year.
Fisher & Paykel Healthcare rose 3.4% to $26.05 on a volume of 800,000 shares. Yesterday the company lifted its fullyear earnings guidance as it benefits from increased demand from the covid19 virus outbreak.
Chief executive Lewis Gradon said there had been strong growth in the hospital product group, with increased demand from China. It now expects fullyear operating revenue to be approximately $1.2 billion, up from $1.19 billion.
Genesis Energy yesterday reported a 16% decline in firsthalf operating earnings and trimmed the top end of its fullyear guidance by $10 million.
The company also announced it was in talks to buy the output of a 300megawatt solar farm proposed for northern Waikato.
The share price rose 2.2% to $3.25 on a volume of 615,000 shares. Other energy stocks came under pressure yesterday. Meridian Energy was down 1.8% at $5.545 on a volume of 1.3 million shares, and Vector fell 1.8% to $3.34. Contact Energy decreased 0.7% to $7.55, and New Zealand Refining declined 2% to $1.49.
Precinct Properties New Zealand continued to gain after reporting strong earnings, rising 1.6% to $1.925 on a volume of 1.3 million shares.
Fletcher Building fell 1.3% to $5.52, although it is still up 6.6% since reporting on Wednesday.
Pushpay Holdings fell 4.3% to $4.45, the biggest decline on the day. Skellerup Holdings fell 0.4% to $2.24. Chief executive David Mair said he was ‘‘looking hard’’ to acquire a manufacturing business in the US to sidestep increased costs from tariffs imposed on imports from China
Among other stocks trading on volumes of more than a million shares, Oceania Healthcare declined 0.8% to $1.23, Spark New Zealand fell 0.2% to $4.83, and Auckland International Airport rose 0.6% to $8.65.
The Australian sharemarket finished lower yesterday, with every sector down except financials.
The benchmark S&P/ASX200 index closed down 23.5 points, or 0.33%, at 7139, while the broader All Ordinaries index was down 24.8 points, or 0.34%, at 7230.4.
The ASX200 finished up 8.8 points for its third straight week of gains. The Aussie dollar dipped below US66c for the first time since the Global Financial Crisis in early 2009. — BusinessDesk/AAP