News

The New Zealand market (NZX 50 Index, +0.1%) barely eked out a gain on Thursday. The story of the day was Fonterra hiking its earning guidance to $0.50 to $0.70 per share, up from previous guidance of $0.45 to $0.60 per share. In response, Fonterra Shareholders’ Fund Units (+4.7%) rallied.

The New Zealand market (NZX 50 Index, -0.2%) inched down on Wednesday despite gains made by the big energy generators, including Meridian Energy (+2.0%), Genesis Energy (+0.8%), Manawa Energy (+0.6%), and Mercury NZ (+0.4%). 

The New Zealand market (NZX 50 Index, -0.4%) fell on Tuesday without much market news to digest. WasteCo Group (-15.8%) tanked to $0.08 on its first day on the NZX. Black Pearl Group (-39.2%) fell dramatically for the third day in a row, and now trades at less than half of its listing price. Summerset (-0.1%) announced that director Anne Urlwin will retire from its board in February 2023 to join the board at Infratil (-1.0%). 

US markets (S&P 500 Index -1.8%) declined on Monday, while 10Y Treasury Bond Yields (+0.1%) advanced above 3.6%, as investors consider the recent 2 weeks of gains in equity markets as overdone given risks awaiting 2023. 

The New Zealand market (NZX 50 Index, -0.1%) fell marginally on Friday, but finished the week up +2.5%. The weekly advance is largely thanks to Fisher & Paykel Healthcare’s (-1.1%) weekly gain of +16.8%, although the stock fell on Friday on the back of better-than-expected result. Gentrack (+1.2%) continued its advance, bringing its weekly gain to +46.8%.  

The New Zealand market (NZX 50 Index, +0.9%) rose on optimism that the US central bank can start to slow the pace of rate hikes. The New Zealand dollar also found support and is now trading at a three-month high against the US dollar ($0.6363) and an eight-month high against the Australian dollar ($0.93.58).  

The New Zealand market (NZX 50 Index, +1.4%) climbed on Wednesday on heavy end-of-month turnover. Ebos (+1.9%) was the most traded stock on the day as it entered the MSCI Small Cap index. Gentrack (+19.0%) soared for a second day on its report that revenue rose +19.3% for the 12 months ended September 30. Fisher & Paykel Healthcare (+3.5%) also advanced for a second day after positive market news.

The New Zealand market (NZX 50 Index, +0.8%) rose on Tuesday, buoyed by a dramatic lift in Fisher & Paykel Heathcare (+10.1%) and Gentrack (+18.3%). See our Stock in Focus section for more on Fisher & Paykel. Gentrack reported revenue of $126.3 million for its 2022 full-year results, up 19.5% on its full year 2021. Aged care provider, Arvida Group (+4.2%) also surged after reporting its half year Net profit after tax of $89.2 million, up 18% from the previous corresponding period. 

The New Zealand market (NZX 50 Index, -0.7%) fell even as aged care stocks partially recovered losses from last week on the back of the government announcement concerning pay rises for the sector’s nurses. Leading aged care stocks were Oceania Healthcare (+6.4%), and Arvida Group (+4.4%), and Summerset Group (+2.8%).