Otago Daily Times
WELLINGTON: Global transport and logistics operator Mainfreight touched a historic intraday high of $60 a share before falling late in the day after producing yet another solid financial result. Overall, the New Zealand market took a breather from its wild ride over the past two days.
The S&P/NZX 50 Index closed 53.24 points, or 0.42%, ahead at 12,665.63, after reaching an intraday high of 12,761.87. Volume was solid at 67.9 million shares, worth $212.42 million, traded.
Mainfreight reported its gross profit was up 23.4%, or $19.42 million, to $102.26 million for the six months ending September; it would pay an interim dividend of 30c a share on December 18. It told the market to expect an improved 2021 fullyear result.
Mainfreight’s share price reached $60.10 before giving back all its gain in late trading, closing 45c down at $57.75. The previous stock to top $60 on the local market was The New Zealand Refining Company in the early 2000s.
Forsyth Barr investment adviser Dan Stratful said there were some pretty good corporate results at the moment and ‘‘we are seeing a whole rotation going on with the Covidsensitive laggards catching up at the expense of the highgrowth stocks’’.
Fisher & Paykel Healthcare rose 63c, or 1.94%, to $33.06, while Pushpay Holdings continued to decline, falling 37c, or 4.63%, to $7.63 after reaching a high of $9.40 on October 14.
Ryman Healthcare gained 50c, or 3.23%, to $16, and Fletcher Building, Z Energy and NZME continued their strong runs. Fletcher rose 10c, or 1.93%, to $5.29; Z Energy was up 8c, or 2.58%, to $3.18; and NZME gained 9c, or 13.43%, to 76c.
Synlait Milk announced its institutional capital raising of $180 million had been completed after its placement was fully subscribed at $5.10 a share, and when trading resumed in the afternoon its price fell 53c, or 8.94%, to $5.40.
Abano Healthcare said its takeover offer from
Australian investment firm BGH Capital and Ontario Teachers’ Pension Plan had been increased from $4.75 to $5.20 a share, and Abano’s share price surged 56c, or 12.9%, to $4.90.
Sky Network Television provided a second improved earnings guidance and its share price increased 1c, or 6.67%, to 16c.
Medical cannabis firm Rua Bioscience fell 4c, or 7.14%, to 52c after recently listing at 50c. —