New Zealand shares rose as investors cheered earnings growth at Contact Energy and Precinct Properties, while Auckland International Airport climbed ahead of its results tomorrow.
New Zealand shares rose as investors cheered earnings growth at Contact Energy and Precinct Properties, while Auckland International Airport climbed ahead of its results tomorrow.
The NZX 50 Index rose 5.134 points, or 0.1 percent, to 4508.356. Within the index, 19 stocks rose, 25 rose and six were unchanged. Turnover was $128 million.
Contact rose 1.5 percent to $5.38 after the power company controlled by Australia's Origin Energy posted net profit of $199 million, beating First NZ Capital's estimate of $191.7 million. The company raised its final dividend by two cents a share to 14 cents while announcing it will exit two major windfarm projects.
"I was pleased to see a lift in the dividend payment," said Grant Williamson, director at Hamilton Hindin Greene. "That was something we really wanted to see happen now they've finished their major capital programme."
Precinct Properties gained 1.5 percent to $1.035 are the investor formerly known as AMP NZ Office boosted full-year net operating income 14 percent as new buildings and higher occupancy levels increased rents.
Steel & Tube Holdings rose 3 percent to $2.74, extending its gains since posting a 19 percent gain in annual profit last week. First NZ Capital, which rates the stock 'outperform', said it will be a beneficiary of the recovery in the New Zealand building and construction sector.
Nuplex Industries climbed 2.3 percent to $3.14 and A2 Corp gained 1.4 percent to 71 cents.
Auckland Airport rose 1.3 percent to $3.25 and was the most-heavily traded stock on the NZX 50 before its results tomorrow, which are expected to show reported profit rose to $155.6 million, up 9 percent from a year earlier.
Ebos Group was unchanged at $9.70 after the pharmaceutical and pet products distributor posted results that met its prospectus forecast and said it was on track to meet its year-end target as well.
Shares in stock market operator NZX fell 0.7 percent to $1.39 a day after it reporting a doubling in first-half profit and after the government today announced plans to list Meridian Energy in a partial privatisation in early November.
Investors will be able to buy the shares in two instalments, with 60 percent up front and the remainder in 18 months. Power company MightyRiverPower, the government's first partial sale earlier this year, gained 0.5 percent to $2.22.
Sanford fell 0.5 percent to $4.38 after the fishing company said if faces three charges of illegally dumping oil in the sea by a Korean foreign charter vessel. Last year the company was fined US$1.9 million and ordered to US$500,000 to a fishing foundation after its tuna fishing vessel, the San Nikunau, was found to have breached rules for discharging waste in international waters.
Delegats Group fell 0.5 percent to $4.08 after NZ Winegrowers head Philip Gregan found winegrowers only lost a small quantity of wine in the Marlborough region after last week's 6.6 magnitude earthquake near Seddon.
Z Energy rose 2.2 percent to $3.74, just shy of the top of its indicative price range, in its second day of trading. The company had another big day of trading on turnover of almost $46 million. Infratil, which sold down its stake in the petrol station chain, fell 0.2 percent to $2.455.
Moa Group fell 1.2 percent to 83 cents after chief executive Geoff Ross told shareholders at today's annual meeting the beer maker's Australasian growth plans are running six to nine months behind schedule after its problems with distributer Treasury Wine Estates.
Among companies reporting tomorrow, Fletcher Building increased 0.1 percent to $8.21 and Trade Me was unchanged at $4.70.
(BusinessDesk)
