Market close: NZ market in good spirits as earnings season nears conclusion

Photo / NZME

New Zealand’s market rose today as the earnings season draws to a close and the US markets’ recovery from some of last week’s declines flowed through to the local index.

The S&P/NZX 50 index rose 103 points, or 0.86 per cent, to 11,894.580. Turnover was an extremely high $973.3 million due to end-of-month index rebalancing.

General insurer Tower was down 0.8 per cent to 61.5 cents by early evening. At the company’s annual meeting today, chair Michael Stiassny said the “rubber is going to hit the road” in how NZ deals with the pressing issue of managed retreats in a worsening climate crisis.

Earnings season is almost wrapped up, with cinema technology provider Vista Group among those reporting a result tomorrow. The firm was up 5.1 per cent to $1.44.

Hobson Wealth director Brad Gordon said the market was expecting a good result out of Vista but there was always room for surprise.

Also, Restaurant Brands reported $1.2 billion in total sales during 2022 – although its profit fell as rising food costs hurt the company’s margins. Restaurant Brands ended the day up 4.3 per cent to $6.05.

MHM Automation was up 8.4 per cent to 90 cents after reporting its half-year results today, with the company’s revenue for the period increasing 45 per cent to $42.8m.

Retailer The Warehouse Group also jumped 6 per cent to $2.65. Aged-care provider Ryman Healthcare was down 4.8 per cent, or 20 cents, to $5.26. Competitor Summerset Holdings also edged down 0.8 per cent to $9.20.

Napier Port Holdings was down 1.9 per cent to $2.61. The port told the NZX this evening that the freight gateway for the central and lower North Island had resumed full operations today after Cyclone Gabrielle.

SkyCity Entertainment Group rose 1.2 per cent to $2.60 after the appointment of Carolyn Kidd to the newly established role of chief risk officer – effective from April.

The New Zealand dollar was trading at 61.66 US cents at 3pm in Wellington, barely moving from 61.67 cents yesterday.