Z Energy chief executive Mike Bennetts is a contender for <i>Herald</i> Business Leader of the Year. Photo / Ted Baghurst
With the year coming to a close, Stock Takes has a look at some of the sharemarket winners and losers of 2015.
Trilogy International: year-to-date return +254.2%, closing price yesterday $2.55
Back in January, few market watchers would have picked Trilogy to become the NZX's top-performing stock of the year.
But the skincare products and scented candle-maker has had an impressive run, announcing in May a four-fold increase in annual profit - to $4.5 million - and its first dividend of 3.66c per share.
Then in August, the firm gave guidance for half-year pre-tax profit of $3.5 million, up from $1.1 million in the prior comparable period, giving investors confidence that earnings growth was being sustained.
It ended up beating that guidance, last month reporting profit before tax of $4.6 million for the six months to September 30.
Z Energy: +44.7%, closing price $6.70
Z Energy shares have been cooking with gas this year, largely thanks to the acquisition bid the firm launched for Caltex operator Chevron NZ in June.
That could all turn to custard in the New Year, as the deal still needs Commerce Commission approval.
But should the $785 million acquisition go ahead, Z will secure a 49 per cent share of the local fuel market.
Chief executive Mike Bennetts is in the running to be Herald Business Leader of the Year.
A2 Milk: +91.4%, closing price $1.11
Say what you like about the supposed health benefits of A2's products - the alternative milk firm is having a stellar run on the sharemarket.
It's been the best performer on the S&P/NZX 50 this year, a rally driven mostly by bullish appetite among Australian investors for infant formula producers.
The company, which fended off a takeover bid by Freedom Foods and US-listed Dean Foods earlier this year, issued a solid upgrade to full-year earnings guidance last month on the back of stronger-than-expected infant formula sales, including in China.
Nuplex: +51.3%, closing price $4.51
After a lacklustre performance in 2014, when its shares fell 12 per cent, Nuplex has come back with a vengeance this year to become the third best performer on the benchmark index.
The specialty chemicals maker started 2015 with a bang, reporting in February a more than three-fold jump in half-year profit, to $37.3 million, following the sale of two Australasian assets.
Sydney-based Nuplex, which has been cutting back operations in this part of the world, used the proceeds of the divestments to reduce debt. It also announced in February a buy-back of up to 5 per cent of outstanding shares, which was well received by investors.
• Other notable winners: NZ Refining, Fisher & Paykel Healthcare, Vista Group, Comvita.
Pyne Gould Corporation: -41.7%, closing price (shares suspended) 24.5c
It's hard to think of a sloppier example of corporate governance on the New Zealand sharemarket this year.
The Guernsey-based, NZX-listed firm, controlled by expatriate Kiwi George Kerr, had its shares suspended from trading in October for the second time in two years for the late filing of its annual accounts as a result of auditing issues.
The annual report still hadn't been filed yesterday.
Shareholders Association chairman John Hawkins had a point when he said the situation had become "farcical" and the time had come for the stock exchange to consider whether Pyne Gould should remain listed on the NZX.
Former chairman Bryan Mogridge resigned suddenly in October, and a replacement is yet to be found.
Orion Health: -45.7%, closing price $3.15
Of the slew of New Zealand technology floats that took place last year, Orion was probably the highest profile. But the healthcare software developer has been a big let-down for investors since its November 2014 listing. In fact, it's been the worst performer on the NZX 50 in 2015.
Its shares, issued at $5.70 a piece, slumped in January when the firm - which didn't provide financial forecasts in its IPO prospectus - reported disappointing fourth quarter revenue figures. They took another hit in June when the company revealed a delay to an expected contract signing.
Many in the market would agree that Orion's shares were priced too steeply in the IPO, which raised $120 million in new capital. Chief executive Ian McCrae also sold $5 million of shares into the deal.
"Great company - very badly priced float," one fund manager told Stock Takes this week.
Pumpkin Patch: -50%, closing price 13.5c
Pumpkin Patch shareholders were facing a dark outlook this time last year and things haven't improved.
Shares in the children's clothing retailer plunged in June after the company revealed it had abandoned plans to find a buyer or white knight investor for the business.
At the annual meeting last month, chief executive Luke Bunt told investors that despite diminished brand equity, the firm still had a competitive position in Australasia and other parts of the world.
But Pumpkin Patch has been struggling to gain traction in a challenging retail environment for years and faces a huge challenge in digging itself out of the hole it's in.
Intueri Education Group: -78.9% per cent, 55c
Intueri epitomises the disappointing performance many of New Zealand's recent initial public offerings have delivered.
The private training provider's shares, which listed at $2.35 in May 2014, hit a record close of $3.30 in September of that year before coming rapidly off the boil as the company missed prospectus forecasts and cut earnings guidance following weak sales and cost pressures.
The stock made some solid gains during the latter months of this year, but it wasn't to last. Intueri shares have been decimated in the wake of the company's November 23 announcement that a regulatory review of two of its schools could impact funding and wipe up to $5 million off full-year earnings.
• Other notable losers: Kathmandu, Veritas Investments, Pacific Edge.
Industrial projects dominate new supply, the study found, comprising 65% of new stock.