Scales hits record high but index falls
Synlait, Tegel and Fletcher Building down
New Zealand shares fell with Synlait Milk and Fletcher Building leading the index down, and Tegel Group plunging on its earnings report, while Scales Corp hit a record on intraday trading.
The S&P/NZX50 Index dropped 45.35 points, or 0.6 per cent, to 8130.86. Within the index, 23 stocks fell,16 rose and 11 were unchanged. Turnover was $149 million.
“We’ve had a good run and the markets are looking for an excuse to let off a little steam, and we’re starting to come into the Christmas lull period as well,” said Peter McIntyre of Craigs Investment Partners.
was the worst per-
Synlait Milk
former, down 3.6 per cent to $6.80, while dropped 3 per cent to $6.79 and declined 3 per cent to $30.03.
was the biggest gainer, up 7.6 per cent to $4.25.
Yesterday the apple orchards company said it expects full-year earnings to be at the upper end of guidance on the performance of its horticulture division and new acquisitions. Earnings will rise in 2018, it said. The stock hit a record high of $4.30 during the day.
Earnings before interest, tax, depreciation and amortisation are likely to be at the upper-end of previous guidance of between $55m and $62m in calendar 2017, the Christchurch-
Fletcher Building Xero Scales Corp
based company said. Ebitda in the prior year was $67.3m.
“The update they gave to the market yesterday was really positive,” McIntyre said. traded lower for most of the day, falling as low as $7.44 but closed up 0.1 per cent to $7.68. Yesterday the Government
Z Energy
said it has asked the Ministry of Business, Innovation and Employment to further investigate fuel prices and is looking to boost the Commerce Commission’s market studies powers by the end of next year after getting more information on the fuel market.
Outside the benchmark index,
Tegel Group Veritas Investments
fell 12.9 per cent to $1.22.
was unchanged at 6.4c. It expects annual profit to fall as much as 17 per cent next year, issuing the earnings downgrade in a notice to the stock exchange after yesterday’s annual meeting.