New Zealand stock rose, as Ebos Group and Meridian Energy met profit guidance. Trade Me Group sank to an 18-month low during trade, as investors questioned the auction sites growth prospects.
The NZX 50 Index rose 19.045 points, or about 0.4 percent, to 4914.142. Within the index, 25 stocks rose, 17 fell and eight were unchanged. Turnover was $152 million.
Ebos shares rose 2.6 percent to $9.95, paring an earlier gain to $10.05 as investors digested its first-half results, which showed the impact of the strong kiwi dollar against the Australian dollar. Earnings before interest, tax, depreciation and amortisation of $96.2 million, were below the $103.6 million the company used in its prospectus, while net profit of $49.4 million beat its forecast $48.7 million.
"They restated their numbers for the currency movements and missed slightly at the EBITDA level, although they got there at the net profit level." said Matthew Goodson, managing director at Salt Funds Management.
Meridian Energy rose 0.5 percent to $1.04. Underlying net profit for the government controlled energy company was $83 million, beating its prospectus forecast by 28 percent, the company said today.