A note from Craigs Investment Partners said NZX was benefiting from the "attractive multiple" in the Kiwi Wealth deal and its earnings were holding up in difficult conditions.
The stock market operator reported half-year revenue up 8.8 per cent at $46.2m, operating earnings up 2.8 per cent to $17.4m, and net profit down 3.2 per cent to $7.8m.
Shares in My Food Bag were up 2.8 per cent to 73 cents after the company's co-founder Cecilia Robinson was elected to the board at its annual meeting on Friday. Entrepreneur Robinson is also a founder of Tend Health and a Pie Funds board member.
The meal-kit company had a weak start to the 2023 financial year as customers reduced orders or shifted to cheaper products within the range.
Its management told investors that earnings and net profit are expected to be lower than the $34m and $20m achieved in 2022.
Genesis Energy reported underlying earnings marginally ahead of guidance at $440.3m off the back of strong hydroelectric generation despite soft earnings from its Kupe oil and gas field.
The electricity company said earnings were expected to be about $455m in the 2023 financial year.
Jarden senior analyst Grant Swanepoel said this was slightly below his expectations but broadly in line with the wider market. Shares in the company fell 1.2 per cent to $2.95.
Energy companies Mercury NZ and Contact Energy also reported earnings earlier in the week. Today, Mercury was down 0.3 per cent to $6.28 and Contact Energy was also down, 1.1 per cent to $7.86. Mercury pushed its operating earnings to $581m in the year to June 30, up from $463m in the previous financial year.
Contact reported its annual profit had dipped 2.6 per cent in the 12 months ended June 30 compared to the previous period. Net profit fell to $182m, which was down from $187m in the June 2021 year. Meridian Energy was down 0.8 per cent to $5.26, and Manawa Energy fell 1.6 per cent to $6.25.
Restaurant Brands NZ fell 2 per cent to $9.11. Restaurant Brands – which operates the KFC, Pizza Hut, Carl's Jr and Taco Bell franchises – warned in July that the company will report a weaker half-year profit on August 29.
Heartland Group was up 2.4 per cent to $2.16 on light volume while Westpac was down 0.2 per cent to $24.60. ANZ Bank rose 1.8 per cent to $25.61. Rubber manufacturer Skellerup was up 0.5 per cent to $5.95. The company breezed past its previous guidance yesterday and lifted annual net profit by 19 per cent to $47.8m.
The company attributed its growth to the rubber manufacturer's "unwavering focus" on its customers and products.
Auckland International Airport fell 0.4 per cent to $7.62. The airport beat its profit guidance yesterday, but the market wasn't happy with the company's outlook and it ended the day in the red.
On Monday, telecommunications provider Chorus, express package group Freightways and petroleum company Ampol are reporting earnings. By the end of today, Freightways was down 1.6 per cent to $9.40, Chorus fell 1 per cent to $7.80 and Ampol was up 1.4 per cent to $37.50.
On the currency front, the NZ dollar was sitting at 62.31 US cents at 3pm today, down from 62.73 US cents yesterday.
- BusinessDesk
