“Those two businesses have provided good results in their outlooks and that’s what the market is looking ahead to,” Peter McIntyre, an investment adviser at Craigs Investment Partners said. “The outlooks tend to come up at the annual meetings – that’s when you find companies divulge a little more on where they’re heading.”
Channel Infrastructure was another company among the day’s gainers, rising 3.8% to $1.64. The import terminal operator last week reported a 10% increase in first-half earnings and affirmed its annual guidance.
Power companies were mixed after the Government announced plans to legislate consents for a liquified natural gas terminal, and review restrictions on lines companies owning generation assets.
Meridian Energy rose 2.6% to $6.36 and Mercury NZ increased 0.8% to $6.55, while Contact Energy declined 0.5% to $8.70 and Genesis Energy fell 1.1% to $2.265. Lines company Vector, which is due to report its earnings on Tuesday, was unchanged at $3.68.
Among other companies reporting today, Summerset Group rose 1% to $11.62 while Property for Industry declined 1.3% to $2.27 with both in line with analysts’ expectations.
Steel & Tube slipped 1% to $1.04 after reporting an 85% slide in annual profit.
Fletcher Building fell 1.3% to $2.96 and Metro Performance Glass declined 8.1%, or 0.2 of a cent, to 7.9c.
Spark NZ, which is Chorus’s biggest customer, posted the biggest decline on the NZX50, falling 3.6% to $3.845, with 2.6 million shares changing hands. The company missed its earnings forecast when reporting last week, with the weaker economy weighing on its IT services business.
Other companies exposed to the tough local economy were also weaker, with Freightways down 3.6% at $9.20 and SkyCity Entertainment Group falling 2.6% to $1.48.
Among companies reporting tomorrow, Tourism Holdings fell 0.5% to $2.08, NZME declined 1% to 97c, and Vulcan Steel was unchanged at $8.
Minnow telecommunications firm Vital increased 4.8% to 33c after trading was halted while would-be suitor replaced its takeover notice, with the initial proposal seen as potentially falling short of the Takeovers Code. Empire Technology plans to offer 37.5c a share for 50.01% of the company, a price Vital’s board has said undervalues the firm.
Among the more heavily traded companies today, Heartland Group Holdings rose 2.7% to $1.15 on a volume of 2.2 million shares, Arvida Group was unchanged at $1.64 with 2.1 million shares changing hands, Serko gained 1.4% to $3.60 on a volume of 1.3 million, Kiwi Property Group was unchanged at 96c with 1.1 million shares traded, and Air NZ fell 0.9% to 56c on a volume of 1 million.
