Xero "themselves legally are fine, however it would be fascinating to know all those people who bought the stock when it had the jump from $16 to $20, what they knew and when," said Matthew Goodson, managing director at Salt Funds Management.
"Clearly there's a whiff associated with this, given the legalistic interpretation of the listing rules that doesn't attach to Xero, but it does attach to whoever was buying that stock."
Air New Zealand advanced 7.2 percent to $2.76 after the national carrier's normalised earnings before tax rose 20 percent to $216 million, driven by lower fuel prices and increased numbers of travellers. It posted a 6 per cent fall in net profit for the half year to $197 million, which reflected a $14 million loss on its stake in Australian budget airline Virgin Australia.
Ebos climbed 5.2 percent to $10.10. The healthcare and animal care products company reported a 12 percent gain in first-half profit to $53.9 million after lifting earnings in both divisions and refinancing debt on more favourable terms.
Metlifecare fell 0.2 percent to $4.77. New Zealand's second-largest listed retirement village operator boosted first-half underlying profit, which removes non-cash items including unrealised valuation gains, some 70 percent to $26 million and signalled full-year underlying profit may rise about 13 percent as it expands in higher value markets.
Precinct Properties New Zealand was unchanged at $1.225. The property investor reported a 10 percent gain in first-half earnings to $35.3 million and said better occupancy rates at its buildings lifted earnings and will raise $174.1 million to fund a major development programme in the country's biggest city.
A2 Milk Co climbed 7.8 percent to 55 cents after it said first-half profit fell 81 percent to $125,000. The company, which markets milk with a protein variant said to have health benefits, blamed costs for its planned ASX listing, lodged today, and for hiring consultants.
Outside the benchmark index, Tourism Holdings fell 1.1 percent to $1.85. The largest campervan rental business in Australia and New Zealand more than doubled first-half profit to $5.6 million, beating expectations, after cutting costs and fattening margins.
Airwork Holdings rose 2.5 percent to $3.26 after it lifted first-half profit 19 percent to $7.9 million, beating its prospectus guidance. The aviation service firm has raised its annual earnings forecast after revising the residual value of its Boeing 737 aircraft.
Wynyard Group fell 3.4 percent to $1.98 after the security software firm reported a near-doubling in its annual loss to $22.3 million as its push for large global contracts helped boost revenue 62 percent to $26 million in its first full year as a listed company.
The net loss widened more than twice the level forecast in its share float prospectus, although the result was in line with market expectations, owing to subsequent guidance from the company.
