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Home / Business / Companies

<i>NZ stocks:</i> Corporate results lift index 1pc

9 Aug, 2002 08:17 AM3 mins to read

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Two healthy corporate results and advancing overseas markets administered a tonic to shares yesterday,although volumes were again subdued on fears of more volatility in global equities.

The NZSE-40 Capital Index firmed 20.9 points or 1 per cent to 2028.0 on turnover of $57 million compared to Thursday's $60.2 million.

Market bigwig
Telecom, which reported its annual results, shone in a market in which 59 gains outstripped 32 declines.

Telecom, which has a 22 per cent index weighting, beat analysts' expectations with a pre-abnormal net profit of $670 million, and its shares rallied 11c to $4.98.

"It looks a bit better than expected at certainly the ebitda [earnings before interest, tax, depreciation and amortisation] line, before writeoffs," said Forsyth Barr Frater Williams executive director Don Turkington.

The rally came despite Telecom writing down the value of its Australian unit AAPT by $850 million. Analysts had anticipated a writedown of up to $1 billion in AAPT, Australia's third largest telco, and were instead focused on the strength of operating earnings.

Fisher & Paykel Healthcare met expectations with a $30.4 million profit in its first quarter to June 30, more than double that of the same quarter a year ago.

Shares in the medical equipment maker rose 20c to $9.30, still well off its $16.90 high for the year but continuing a recovery from $8 a fortnight ago despite a bloodbath in overseas markets.

"Given what's happened in the global environment, that's an outstanding performance," ASB Securities broker Andrew Kelleher said.

Macquarie Equities senior analyst Arthur Lim said F&P Healthcare's ebit of $17.5 million was in line with forecasts and analysts were beginning to get a better understanding of the company nine months after it was spun off from its parent.

"It is the relief factor that there were no big surprises either on the upside or the downside," he said. "It just shows this company is making very good progress."

Fisher & Paykel Appliances, which owns 20 per cent of F&P Healthcare, matched its sister company's rise, firming to $9.25.

Retailers were in demand after data this week showed shop sales continued to rise at a brisk pace in the June quarter on the back of a strong domestic economy.

The Warehouse firmed 3c to $7.28, clothing chain Hallenstein Glasson Holdings was ahead 5c to $2.62, and homeware and sports retailer Briscoe Group rose 9c to $2.54, its highest closing level since floating last December.

Waste Management eased 4c to $3.21 after jumping 13c on Thursday when it announced its six-month profit of $6.9 million.

ABN Amro Craig investment adviser Nigel Scott said shares had performed steadily over the week, closing 2.5 per cent higher, but volumes remained subdued.

"No one is pushing back into the market," he said. "They still view the overseas markets as very volatile and people are just sticking to certainty and prepared to be patient."

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