“Both sides made concessions and it removes the possibility that the US will default on its debt obligations, though there will be a knock-on impact on borrowing costs,” Smith said.
The Dow Jones Industrial Average was up 1 per cent to 33,093.34 points; the S&P 500 gained 1.3 per cent to 4205.45; and Nasdaq Composite rose 2.19 per cent 12,975.69 and has now increased 24 per cent for the year.
At home, market leader Fisher & Paykel Healthcare rebounded 45c or 1.88 per cent to $24.43 after falling 6.5 per cent on Friday on slowing earnings growth.
Smith said “I thought Fisher & Paykel’s share price decline was harsh. Its revenue and earnings showed business as usual following the huge Covid boost. The homecare division and new products provided positives, and there’s still plenty of growth in the pipeline.”
Meridian Energy was up 9c to $5.44; Auckland International Airport gained 9c to $8.83 and Spark put on 6c to $5.285.
Ryman Healthcare gained 11c 1.82 per cent to $6.14, with new director Dean Hamilton becoming board chair on July 31.
Mercury Energy, up 3c to $6.33, is planning a $100m five-year green bonds offer, with the ability to accept another $50m of oversubscriptions. Manawa gained 4c to $4.79.
Contact gained 4c to $7.95 after forecasting in its Capital Markets Day presentation that operating earnings (ebitdaf) would increase from $550m to $815m in 2027, slightly above market expectations.
Other gainers were Napier Port, up 6c or 2.38 per cent to $2.58; Stride Property increasing 4c or 2.96 per cent to $1.39; Steel & Tube collecting 5c or 4.5 per cent to $1.16; and Serko rising 12c or 4 per cent to $3.12.
T&G Global improved 5c or 2.51 per cent to $2.04; Task Group added 4c or 7.27 per cent to 59c; Gentrack was up 8c or 1.86 per cent to $4.38; and Eroad gained 2c or 3.28 per cent to 63c.
Amongst the decliners, Scott Technology was down 15c or 5.45 per cent to $2.60; NZ Oil & Gas fell 3c or 7.59 per cent to 36.5c; NZME shed 2c or 2.02 per cent to 97c; and Bremworth slid 2c or 4.88 per cent to 39c.
Heartland Group declined 3c or 1.85 per cent to $1.57; Sky TV was down 5c or 1.93 per cent to $2.54; and Pacific Edge shed 1.5c or 3.23 per cent to 45c.
Sky City Entertainment gained 3c to $2.30 after updating the market on the Adelaide situation. The commissioner for the South Australian gaming regulator has asked SkyCity to appoint an independent expert to review the Adelaide casino’s anti-money laundering financing and host responsibility enhancement programmes.
Eftpos provider Smartpay Holdings rose 16c or 10.32 per cent to $1.71 after reporting a 300 per cent rise in net profit to $8.34m on revenue of $77.77m, up 62 per cent, for the year ending March.
Smartpay’s Australian business has grown strongly, with transacting terminals increasing from 9684 to 15,708 and transactional revenue rising 94 per cent to $60.5m. Smartpay is the best performing stock on the NZX, having increased 116 per cent over the past 12 months.
NZ Automotive Investments surged 7c or 30.43 per cent to 30c after increasing annual revenue 25.4 per cent to $82.73m, operating earnings (ebitda) 26 per cent to $6m, and net profit of $1.29m for the 12 months ending March.
NZ Auto had an improved fourth quarter and 2 Cheap Cars increased its market share from 4.4 per cent to 4.5 per cent with a total of 8367 vehicle sales, up 6 per cent.
Goodman Property Trust was up 2.5c to $2.20 after announcing John Dakin as chair to replace long-serving Keith Smith, and David Gibson as deputy chair.
Metro Performance Glass was unchanged at 15.6c after reporting a 12 per cent increase in annual revenue to $236.1m and a net loss of $10.5m because of a $10m impairment on New Zealand goodwill. Revenue for its Australian Glass Group rose 32 per cent, while New Zealand’s was up 5 per cent.
