“The Kiwi market has come to the party a little late but it’s getting there.”
Shane Solly, portfolio manager with Harbour Asset Management, said “we’ve seen a very broad-based rally across the local market, led by the potential for interest rate cuts before the end of the year”.
Fisher & Paykel Healthcare was down 77c or 2.91 per cent to $25.65 after announcing it is voluntarily recalling a batch of Airvo 2 and myAirvo 2 respiratory devices manufactured before August 14, 2017 because of a speaker configuration issue.
The company said the issue, which may result in distorted, intermittent or inaudible alarm sound levels, does not affect the therapy delivered by some 9000 devices remaining in use. The recall would cost about $12m and the devices would be replaced.
Smith said a product recall would normally send shivers down the spine but Fisher & Paykel’s is largely immaterial for what is involved.
Synlait Milk, last traded at 75c, went into a trading halt on the day it was due to repay $130m to its banking syndicate.
Synlait said it wanted additional time to finalise separate discussions with the syndicate and its major shareholder Bright Dairy over financial support. Synlait is releasing its half-year financial result on Tuesday.
Smith said it looks like an uncomfortable weekend for the Synlait executives. The company is copping it on a number of fronts – it is trying to sell assets and hasn’t found a buyer – and its balance sheet will be in sharp focus next week. Synlait may be looking at a heavily-discounted rights issue.
Medicinal cannabis company Cannasouth, last traded at 9.8c, went into voluntary administration, with the convertible noteholders appointing Blacklock Rose to prepare a plan for its ongoing operations.
There were plenty of strong price movements. Mercury Energy was up 22c or 3.28 per cent to $6.93; Vector increased 14c or 3.75 per cent to $3.87; Ebos Group gained 40c to $34.25; Mainfreight collected 70c to $69.70; and Heartland Group rose 9c or 7.56 per cent to $1.28.
Among other banks, ANZ was up 70c or 2.24 per cent to $31.90 and Westpac increased 54c or 1.94 per cent to $28.42.
Among the property stocks, Goodman Trust increased 5c or 2.24 per cent to $2.28; Stride was up 6c or 4.65per cent to $1.35; Kiwi gained 1.5c or 1.82 per cent to 84c; and Property for Industry added 4.5c or 1.96 per cent to $2.345.
Ryman Healthcare increased 13c or 2.94 per cent to $4.55; Freightways collected 28c or 3.27 per cent to $8.85; Serko rose 11c or 2.91 per cent to $3.89; Tourism Holdings gained 14c or 4.61 per cent to $3.18; and Scales Corp was up 7c or 2.13 per cent to $3.35.
Skellerup Holdings increased 25c or 5.85 per cent to $4.52 after announcing the appointment of Graham Leaming as chief executive to replace David Mair, who remains a non-executive director. Tim Runnalls has become the chief financial officer in place of Leaming.
Auckland International Airport was up 5c to $8.35 after having its weighting increased on the S&P Infrastructure Index. The airport told the market that chair Patrick Strange is retiring at the annual meeting in October, to be replaced by Julia Hoare.
Clothing retailer Hallenstein Glasson gained 15c or 2.38 per cent to $6.45 after reporting steady first-half revenue of $222.95m, down 0.2 per cent and net profit of $21.14m, up 1.5 per cent. It is paying an interim dividend of 24c a share on April 18.
Glassons Australia sales for the six months ending February 1 were $107.1m, up 4.1 per cent, and New Zealand sales were $57.1m, down 5.8 per cent. Hallenstein Brothers had revenue of $58.8m, down 1.7 per cent, and online sales were 17.3 per cent of group revenue, down from 18.1 per cent.
Restaurant Brands declined 12c or 3.31 per cent to $3.50; KMD Brands fell 4c or 6.78 to 55c; and Manawa Energy was down 9c or 1.94 per cent to $4.55.
