“We’ve got more interesting macro-economic data coming out next week including the Reserve Bank’s monetary policy review. People are wondering whether central banks are getting closer to ending interest rate rises.
“Still, we have had some good money coming into the New Zealand market lately – and we are a good defensive place to be with our gentailers and other utility stocks,” Solly said.
Clothing retailer Hallenstein Glasson rose 16c or 2.84 per cent to $5.80 after reporting a 74.8 per cent rise in net profit to $20.82m on revenue of $223.29m, up 30.9 per cent, for the six months ending February 1. It is paying an interim dividend of 24c a share on April 19.
Hallenstein said the first eight weeks of winter season trading has been challenging – and this is expected to continue - with cost of living and inflationary pressures impacting on consumers’ discretionary spending.
Group sales were up 13.9 per cent compared with the same period last year, and Australian trading is expected to remain stronger than New Zealand’s.
Companies that made strong gains the day before gave back some of their rises.
Fletcher Building was down 17c or 3.75 per cent to $4.36; Meridian Energy declined 16c or 2.96 per cent to $5.25; Freightways shed 15c to $9.45; Mainfreight shed 49c to $70.01; and Ryman Healthcare fell 20c or 3.67 per cent to $5.25.
Market leader Fisher & Paykel Healthcare was up 45c to $26.65; Skellerup Holdings rebounded 13c or 2.55 to $5.23; Scales Corp gained 7c or 2.21 per cent to $3.24; and Restaurant Brands rose 29c or 4.51 to $6.72.
Other gainers were NZME up 2c or 1.92 per cent to $1.06; Move Logistics increasing 2c or 2.08 per cent to 98c; Gentrack collecting 7c or 2.55 per cent to $2.82 and Serko adding 9c or 3.91 per cent to $2.39.
Manawa Energy was up 3c to $4.97 after indicating its full-year operating earnings (ebitdaf) to the end of March are likely to be at the top end of the current guidance of $127.5m-$140m because of strong fourth-quarter trading. Capital expenditure is unchanged at $45m-$55m.
Manawa’s 2024 operating earnings guidance is $120m-$140, with capital expenditure $65m-$80m.
Spark, gaining 8c to $5.06, is next week beginning a share buy-back programme of up to $350m. Sky TV, down 4c to $2.52, is doing the same, buying back $15m worth of shares.
Other decliners were Air New Zealand down 2c or 2.55 per cent to 76.5c; Michael Hill decreasing 2c or 1.85 per cent to $1.06; Steel & Tube shedding 3c or 2.73 per cent to $1.07; and Tower giving up 2c or 3.15 per cent to 61.5c.
SkyCity Entertainment shed 6c or 2.45 per cent to $2.39; Green Cross Health was down 3c or 2.17 per cent to $1.35; Rakon declined 4c or 4.4 per cent to 87c; and Oceania Healthcare decreased 2c or 2.67 per cent to 73c.
Arvida Group, down 1c to 93c, has increased its debt facility by $100m (for three and a half years) to $675m with ASB joining the banking syndicated alongside ANZ and BNZ.
Cancer diagnostics company Pacific Edge was unchanged at 43c after telling the market it has completed the software development to integrate Cxbladder in Kaiser Permanente’s electronic medical records. Kaiser is the largest integrated healthcare provider in the United States, serving 12.6 million members.
Booster Innovation, unchanged at $1.468, has reduced the value of its fund by 2.9 per cent or $436,000 following a review of each of its 30 investments. The net asset value of the fund is $1.406 per unit.
TradeWindow, up 1c to 33.5c, told the market that global blockchain company nChain is making an $11.1m investment and becoming a 19.99 per cent shareholder. The investment includes $2.4m cash, software engineering resources worth $3.9m, and licensed technology to the value of $4.8m.
