Mainfreight climbed another 63c to a new peak of $54.50. Asked if the company would consider a share split, Sullivan said it depended on Mainfreight's intention. "In New Zealand we like to buy $2-$10 stocks, in Australia they like to buy $10-$30 shares and in the US you don't buy anything under $30. If Mainfreight wanted to satisfy the New Zealand investor, then yes they could consider a share split, but if they were appealing to international investors, then there's no need."
Ebos Group declined 16c to $25.84, Chorus lost 3c to $8.52, and Auckland International Airport was down 5c to $7.26. The Warehouse increased 5c or 2.08 per cent to $2.45 and Z Energy, making good gains, was up 3c to $2.93.
Meridian, which reached a high of $5.90 on October 15, fell 13.5c or 2.43 per cent to $5.415 on profit-taking. Mercury slipped 7c to $5.21. Two other energy companies Genesis, up 2.5c to $3.21, and Vector, down 2c to $4.37, reported operating performances for the three months ending September.
Genesis' total electricity sales volumes increased 3.4 per cent and bottle LPG volumes rose 5.3 per cent compared with the corresponding period last year, despite small and medium enterprise sales declining 6.6 per cent due to the Auckland lockdown. Genesis' back-up thermal generation increased 20 per cent because of declining lake levels and continued gas production constraints.
Vector's electricity network connections increased 1.7 per cent to 582,990 and gas connections were up 2 per cent to 114,584. There was a 7 per cent lift in LPG bottle swaps, and Vector now has 1.74m advanced meters installed in Australia and New Zealand, growth of 9.2 per cent.
Kiwi Property, which owns Sylvia Park Shopping Centre, gained 2c to $1.24, but Goodman Property Trust slipped 7c or 2.82 per cent to $2.41 after announcing its interim result will include a portfolio revaluation gain of $140m. "It's not a huge gain and I guess people were expecting something better," said Sullivan.
Vista Group, which provides management software systems to cinemas, gained 4c or 2.55 per cent to $1.61 after providing an update on third quarter activity. Vista said revenue was tracking back to 2019 levels and there was a strong and consistent recovery in the global cinema industry, though there is a way to go. Between 70 and 75 per cent of cinemas globally are now open, and the New Zealand box office up 50 per cent in September compared with the previous month.