News

The New Zealand market (NZX 50 Index, +0.4%) moved slightly higher on Friday. Fisher & Paykel Healthcare (+0.8%) recouped some of its –3.5% loss on Thursday. At the same time, A2 Milk (-1.5%) pared some of its +4.2% gain from Thursday, after it announced that it had secured FDA approval to sell infant formula into the United States. 

The New Zealand market (NZX 50 Index, -0.9%) was dragged down by losses in heavyweights Fisher & Paykel Healthcare (-3.5%), Infratil (-2.9%), and Mainfreight (-2.7%).

The New Zealand market (NZX 50 Index, -0.3%) edged down slightly on Wednesday. Several stocks gave up bigger gains but still closed higher, including Move Logistics (+5.5%) and Pacific Edge (+1.2%), which peaked at ~10% and ~5%, respectively. NZ King Salmon (+7.1%) reversed Tuesday’s loss of -8.5% after its Chief Executive of 13 years resigned. 

The New Zealand market (NZX 50 Index, -0.2%) fell slightly on Tuesday. Pushpay (+1.6%) climbed closer to its takeover bid price of $1.34 per share, while helping to prop up Information Technology (+1.6%) which led the market’s sectors on the day. New Zealand King Salmon (-8.5%) sold off after announcing the abrupt resignation of its Chief Executive Grant Rosewarne. Metro Performance Glass (-9.0%) announced it would be releasing its Full Year 2023 Interim results on 29 November 2022 and subsequently cratered on the day.    

The New Zealand market (NZX 50 Index, +1.9%) rallied on Monday with Pushpay (+5.0%) accounting for a third of turnover. Large cap dividend stocks Chorus (+5.9%), Mercury NZ (+5.2%), Contact Energy (+3.4%), and Fletcher Building (+3.2%) all rose by more than 3 percent. 

The New Zealand market (NZX 50 Index, +0.3%) closed last week on a mildly positive note.  Two tourism plays, SkyCity Entertainment (+3.3%) and Tourism Holdings (+2.0%), advanced on the day. SkyCity held its 2022 annual meeting on Friday where it reported quarter 1 Earnings Before Interest, Tax, Depreciation, and amortisation for the 2023 Financial Year approximately +10% above pre COVID-19 levels on a like-for-like basis. However, the casino operator omitted to provide full-year guidance and couldn’t say if it would be reflective of its quarter 1 performance. 

The New Zealand market (NZX 50 Index, +0.5%) rose half a percent on Thursday on light trading. ANZ Bank (-4.0%) sold off even after reporting an annual cash net profit of $2.06 billion (for the 12 months to 30 September 2022), an 8% increase over its 2021 figure. However, the company’s report ominously spent half of its space addressing the “financial pressure” impacting its home-loan customers from interest rate rises. At the same time, ANZ’s Home lending increased $5.3 billion to $104 billion over the 12 months. 

The New Zealand market (NZX 50 Index, +1.3%) rose on Wednesday, thanks to positive updates from a range of companies.  Fletcher (+3.1%) advanced after it reconfirmed its 2023 forecasts for earnings before interest and tax to be greater than $855 million but with the caveat that it has a “clear playbook if activity shows any signs of softening in the next six to nine months”. 

The New Zealand market (NZX 50 Index, +1.1%) rose on the back of large gains from Mainfreight (+5.6%) and Fisher & Paykel Healthcare (+3.7%). The former adding to its +4.5% rally last Friday, after revising upwards its estimated revenue for the 26 weeks to 30 September +32.5% to $3.01 billion.