The ASX index was up 0.53 per cent to 7367.7 points at 6pm NZ time. That rise spilled over to the New Zealand market right at the end.
At home, Turners Automotive climbed 14c or 4.23 per cent to $3.45 after telling the market its full-year gross profit is on track for a record $44m or more, exceeding the 2022 financial year’s $43.1m. The auto retail division continues to trade strongly and loan arrears improved in February.
Matt Goodson, managing director of Salt Funds Management, said Turners’ share price had been weak over the last few months but it was continuing to gain market share and is maintaining good discipline with its finance book.
“But I wouldn’t read any of Turners’ performance into the state of the general economy,” he said.
Goodson said the local market was relatively quiet with light turnover in the leading stocks. “The market is waiting to see the results of the retail bookbuild in the Ryman Healthcare rights offer, and whether Pushpay will convene another shareholders’ meeting to consider the takeover offer.”
Pushpay Holdings was lightly traded (79,800 shares worth $95,380 changed hands) but its share price rose 8c or 6.96 per cent to $1.23.
There was continued weakness in the retirement village sector with Ryman Healthcare down 3c to $5.59; Summerset Group declining 12c to $9; and Oceania Healthcare shedding 2c or 2.6 per cent to 75c.
Market leader Fisher and Paykel Healthcare was down 34c to $26.15; Meridian declined 7c to $5.255; and Napier Port decreased 10c or 3.57 per cent to $2.70.
South Port NZ was down 15c or 1.9 per cent to $7.75; Smartpay Holdings declined 4c or 3.13 per cent to $1.24; Property for Industry decreased 3.5c to $2.315; and T&G Global fell 8c or 3.67 per cent to $2.10.
Auckland International Airport was up 7.5c to $8.68; a2 Milk gained 8c to $7.40; Chorus increased 8c to $8.21; and Skellerup Holdings added 10c or 1.95 per cent to $5.24.
Mainfreight collected $1 to $73.50; Sky TV was up 5c or 1.97 per cent to $2.59; Tower gained 1.5c or 2.42 per cent to 63.5c; Steel & Tube gained 3c or 2.42 per cent to $1.27; and Embark Education added 3c or 5.45 per cent to 58c.
Medicinal cannabis companies Rua Bioscience collected 1.3c or 6.95 per cent to 20c, and Cannasouth was down 2c or 6.67 per cent to 28c.
KMD Brands, down 1c to $1.09, announced that all three of its brands, Kathmandu, Rip Curl and Oboz, have received the international B Corps certificate for social and environmental impact, accountability and transparency.
Other retailers Hallenstein Glasson shed 11c or 2.03 per cent to $5.31; Michael Hill declined 3c or 2.65 per cent to $1.10; and The Warehouse Group decreased 7c or 2.69 per cent to $2.53.
New Zealand Oil & Gas increased 2c or 5 per cent to 42c after extending its gas supply agreement with Genesis Energy for three years from October 1. The agreement covers all NZOG’s 4 per cent interest in the offshore Kupe gas field. Genesis was up 3.5c to $2.89.
Advanced manufacturer Rakon, up 1c at 92c, narrowed its full-year operating earnings (ebitda) guidance to $40m-$44m, from the previous $38m-$44m. Rakon said it was on track to deliver a solid result for 2023 financial year ending March.
NZME was up 3c or 2.54 per cent to $1.21. Its subsidiary NZME Advisory pleaded guilty in the Auckland District Court to one charge of supplying unsafe magnet sets via GrabOne between October 2020 and September 2021. NZME has since sold GrabOne.
