Spark NZ rose 1.1% to $4.45 on a volume of 2.3 million, Kiwi Property Group gained 2.1% to 95.5c with 2 million shares traded and Precinct Properties NZ advanced 2.4% to $1.30 with 1 million shares changing hands.
Rubber goods maker Skellerup climbed 4.2% to $4.67 after reporting a 1% increase in earnings before interest and tax of $72.7m and increasing its dividend, meeting expectations in a tough trading environment. Its industrial delivered a record result, offsetting a slowdown in its agricultural divisions.
Smith said the company improved its performance in the second half of the financial year and is set to benefit from weaker currency, with 79% of its revenue generated overseas.
Fisher & Paykel Healthcare, which generates most of its revenue internationally, rose 1.9% to $33.10.
Goodman Property Trust increased 1.4% to $2.11. Cornerstone shareholder and former manager Goodman Group today reported a 14% increase in operating earnings, and said its pivot towards datacentres will change the shape of its portfolio in the coming five years. Datacentres account for 40% of its A$13 billion in development projects.
Infratil, which counts the CDC datacentres business in its portfolio, rose 1.9% to $10.80.
Meridian Energy gained 1.9% to $6.815 on a volume of 1.1 million. The country’s biggest electricity generator’s July operating report showed monthly generation was 6.9% lower than a year earlier, although its wholesale price sold to retailers was more than twice the prior year period.
Genesis Energy was unchanged at $2.26 after securing a site in the Bay of Plenty for a solar development.
Contact Energy increased 1.4% to $8.82, while Mercury NZ fell 1% to $6.735 and Manawa Energy dropped 2.4% to $4, the biggest decline on the benchmark index.
Auckland International Airport gained 0.9% to $7.65 after its monthly traffic update showed total passenger numbers increased in July from a year earlier, but were still 88% of pre-covid levels.
Devon’s Smith said tourism numbers seem to have plateaued after the initial post-Covid boom.
“To get further altitude with their passenger run rate, they’re going to need new spaces from existing airlines or new airlines,” he said.
Air NZ rose 1.8% to 56.5c on a volume of 1.8 million shares.
The a2 Milk Co was among the day’s decliners, falling 0.9% to $7.42. Weaker Chinese investment and house price data today raised fears about the strength of the world’s second-biggest economy, which is a major export destination for a2. Synlait Milk, which processes formula for a2, was unchanged at 30c and Fonterra Shareholders’ Fund units declined 0.2% to $4.19.
Vista Group International fell 1.9% to $3.07, having enjoyed a strong run over the past week since reporting its first-half result.
Arvida Group, which is under a takeover offer at $1.70 a share, was the most traded major stock, rising 0.6% to $1.64 on a volume of 5.2 million. Ryman Healthcare was unchanged at $4.90 on a volume of 1 million, while SkyCity Entertainment Group gained 0.6% to $1.56 on a volume of 3.4 million.
