Robertshawe thought ERoad’s share price could have gone 20 per cent higher today but the stock had edged up only slightly.
The company sells vehicle fleet tracking and management software and is dual-listed on the ASX and NZX.
Rakon fell 2 cents, or 2.2 per cent, to 90 cents after the tech firm said its board had approved a dividend reinvestment plan. The plan will apply to Rakon’s 1.5 cent per share dividend which was announced in late May.
In a letter to shareholders, chair Lorraine Witten said the plan offered shareholders the opportunity to reinvest the net proceeds of all or part of their cash dividends in additional shares, without paying any brokerage fees.
Serko fell 13 cents, or 3.6 per cent, to $3.47. Joydip Das was announced as the company’s new chief product officer. Das was previously the chief product officer of Iress, a financial services software firm based in Australia.
In another staff appointment, telco Spark also told the market it had appointed Renee Mateparae to the role of network and operations director, and part of Spark’s leadership team. Spark was up 3 cents, or 0.6 per cent, to $5.12.
My Food Bag was flat at 18.5 cents per share after confirming that its delisting application from the ASX had been accepted. My Food Bag’s ASX shares will be taken off the official list of the ASX at the end of Friday trading.
Oceania Healthcare was down 1 cent, or 1.3 per cent, to 74 cents, Summerset rose 1 cent, or 0.1 per cent, to $9.56 and Ryman Healthcare was flat at $6.50 per share.
Pacific Edge, which fell 14 per cent yesterday in response to the cancer diagnostics firm’s annual report, edged down half a cent or 1.4 per cent to 7.2 cents.
Rural Land Co was flat at 89 cents after it held its annual meeting today, with Rob Campbell, Christopher Swasbrook and Sarah Kennedy re-elected as directors to its board.
Campbell, who is also Rural Land Co’s independent chair, thanked investors during his speech for being “supportive” of the listed rural landlord journey so far.
“A little patience goes a long way in this world and we all believe this will be rewarded in the years ahead as NZL continues to increase its scale and earnings,” he said.
He also told attendees that RLC is confident in having PwC NZ as their auditors – despite the scandal surrounding the Australian arm of the advisory firm.
Fonterra Shareholders’ Fund Units were down 3 cents, or 0.9 per cent, to $3.50, Synlait Milk fell 2 cents, or 1.2 per cent, to $1.66 and A2 Milk was down 7 cents, or 1.3 per cent, to $5.37.
Fonterra is exploring an NZ Steel-style deal to decarbonise its industrial heat processes, with an enormous request in the market for electricity supply later this decade.
Industry sources told BusinessDesk that Fonterra has a request for proposals (RFP) for 1.3 terawatt hours of new electricity, for delivery in 2026 or 2027.
Robertshawe said Fonterra’s electricity tender could accelerate discussions between Tiwai Point aluminium smelter and electricity generators.
“If there is a really viable alternative that should encourage the aluminium smelter to make up its mind a bit quicker,” he said.
“It might sharpen their pencil.”
Contact Energy was up 7 cents, or 0.8 per cent, to $8, Meridian Energy was down 3 cents, or 0.6 per cent, to $5.40, while Mercury rose 3 cents, or 0.5 per cent, to $6.41.
Genesis Energy edged down 1.5 cents, or 0.6 per cent cents, to $2.725 and Manawa Energy up 1 cent, or 0.2 per cent, to $4.75.
Winton Land rose 4 cents, or 2 per cent, to $1.85. The property developer told the market yesterday that Steven Joyce, a former finance minister and MP between 2008 and 2018, had joined its board.
Other gainers today were Comvita which edged up 8 cents, or 2.9 per cent, to $2.88 and Fletcher Building up 5 cents, or 1 per cent, to $5.26.
Amongst the decliners were ANZ Group, falling $1.01, or 3.9 per cent, to $24.73, Tourism Holdings was down 7 cents, or 1.9 per cent, to $3.70, and Westpac fell 82 cents, or 3.5 per cent, to $22.49.
The NZ dollar was trading at 61.68 US cents at 3pm in Wellington, from 62.18c on Thursday.
