The New Zealand sharemarket enjoyed a positive day, rising nearly 1%, buoyed by SkyCity Entertainment's good news.The benchmark NZX-50 index started at 3059.533 and rose 28.074 points, or 0.9%, to end the day at 3087.607.Turnover of 25.8 million stock was
The New Zealand sharemarket enjoyed a positive day, rising nearly 1%, buoyed by SkyCity Entertainment's good news.
The benchmark NZX-50 index started at 3059.533 and rose 28.074 points, or 0.9%, to end the day at 3087.607.
Turnover of 25.8 million stock was worth $67.6 million. There were 47 rises and 33 falls.
Casino, hotel, restaurant and cinema operator SkyCity Entertainment Group today announced a 29.6%, or $16.2 million, rise in its first half after-tax profit to $71.02 million and forecast its annual profit to be up to 15% higher.
Its shares rose 6c to $3.19 on turnover worth $7.2 million, up from $1.7 million yesterday.
"SkyCity's result was very good – you might have thought it would have put on a bit more than that," said Craigs Investment Partners investment adviser Keith Ferguson.
However, the other two companies which reported today did not fare so well.
NZ Farming Systems Uruguay said its operating loss had halved to $US2.5 million ($NZ3.4 million) for the six months to the end of December thanks to better rainfall, growth in its farms, lower costs and better milk prices.
Its share price dipped another 2c to 40c. In May 2008, its shares reached a high of $2.00.
NZ Refining, which operates the country's only oil refinery at Marsden Point, announced an 81% drop in net profits to $23.6 million for 2009. The shares slipped 2c to $3.55.
Fletcher Building, which reports its half year results tomorrow, was up 18c to $7.64.
Freightways, which fell 15c after reporting a fall in interim profit yesterday, bounced back 3c today to $3.09.
Other improving stocks were Telecom, up 1c to $2.33, Goodman Fielder, rising 3c to $2.05, Fisher & Paykel Appliance, gaining 2c to 63c, and AMP Office Trust, up 1c to 74c.
Guinness Peat Group was up 1c to 84c, Kiwi Income Property Trust gained 1c to $1.01, New Zealand Oil & Gas spurted 3c to $1.50 and Ryman Healthcare improved 3c to $2.05.
Auckland Airport was unchanged at $1.83, as was Tower at $1.90 and Property for Industry at $1.15.
Stocks losing ground were Hellaby Holdings, slimming 3c to $1.48, Port of Tauranga 14c to $7.06 and Cavalier Corporation 5c to $2.55.
ING Property lost 1c to 74c, Fisher & Paykel Healthcare worsened 3c to $3.25 and Mainfreight slipped 2c to $5.76.
Asian sharemarkets posted mild gains today and Australian stocks were boosted 1% by upbeat earnings from the country's third-biggest lender Westpac.
The shares rose 5.8% after it posted a better-than-expected 33% rise in cash profit but warned investors of rising funding costs and consumer defaults.
In Japan, the benchmark Nikkei edged up 0.5% and was holding just above the 10,000 mark for the third session in a row, with foreign investor buying reported in blue-chips, although the mood was fragile due to China and Greece.
Centres such as Hong Kong and Shanghai remained closed for the Lunar New Year and with US markets were also shut for President's Day.
