NZ Market Report 19.3.24
The mood on the sharemarket shifted abruptly today and the NZX50 jumped 89.90 points to 11,817.91. Overnight, the US markets firmed, the Dow Jones gaining 75.65 at 38,790.43. Share prices also rallied in Australia where the ASX All Ords closed this evening at 7957.80, up 32.60. Mainfreight rallied $1.19 today to trade at $68.89 following positive analyst comment (see current Headliner issue on-site); Freightways was also marked higher, by 23c to $8.65. Contact Energy jumped 19c to $8.35...
NZ Market Report 18.3.24
The NZ sharemarket continued to slowly sink in trading today, with 38.97 points removed off the NZX50 index at 11,728.03. The session began with the index at 11,694. The falls were led by Mainfreight dropping 94c to $67.50 despite bullish analyst comment about the freight & logistics group’s prospects in the last week. Freightways dropped 10c at $8.42. Elsewhere in the transport sector, Port of Tauranga gave back 15c at $5.20 and South Port eased 9c to $6.14. EBOS shed 53c to...
MARKETWEEK: Nearing the end of the downturn on NZX?
17.3.24 Warren Head The penny has dropped down under. There has been a lot of money sloshing in the wrong direction in both the NZ and Australian markets and economies. Inflation has leapt up and bitten us right across the rump of the economy from the price of coffee, the freight rate of containers, air prices and to the insane cost of EV cars mostly assembled by robots, the cost of a coffee, the cost of a school lunch, and the call out rate of a tradie. Where 10 people once did an exceptional...
NZ Market Report 15.3.24
The NZ sharemarket is stuck in the middle of two streams of thought- the pessimists who are edgy about an economy skating just below the recessionary line and the optimists who are pinning their hopes on interest rates easing. Well, neither are alone in this dilemma. While the NZX50 fell 41.3 points on Friday to 11,767, the US market has overnight slipped lower by190.89 to 38,714.77 on the Dow Jones Industrial Average. On the NZX Friday flourishes came from EBOS up 50c to $37.60 and Gentrack...
NZ Market Report 14.3.24
The NZ sharemarket was almost level in today’s trading session, with little newsflow to trigger interest. The NZX50 eased slightly, -0.69 points at 11,808.33. Decliners included both dual listed Aussie banks, ANZ falling 175c at $30.05 and Westpac down 96c at $28.27. F&P Healthcare fell 25c to $24.31 and Chorus shed 19c at $7.88. Scott Tech eased back by 7c at $3.01 and Serko slipped 6c at $3.80. Gainers were led by Mainfreight, racing 74c higher at $68.49 and Ampol up 40c to...
NZ Market Report 13.3.24
Several good gains by industrial stocks did not prevent the NZX market from having a soggy day’s trading. The NZX50 came back by 20.16 points at 11,809.02. In Australia the ASX All Ords rose 16.50 to 7989.50. Rio Tinto rose $1.60 to A$116.95. In the United States, tech stocks rallied leading the various indices higher. The Dow Jones rose 235.83 to 39,005.49. Tech A.I. leader Nvidia picked up US$61.39 at US$919.13 a share. EBOS fell 21c to $37.14 and Delegat Group was down by 19c at $5.98....
NZ Market Report 11.3.24
The NZ sharemarket began the trading week with a 50 points fall to 11,873 on the NZX50 and within hours the Australian market was in deep retreat also. IKE GPS has reached agreement with the second largest electric utility group in North America for a five-year term that is expected to generate ~NZ$2m in total subscription revenue. The shares traded unchanged at 45c. Meridian Energy is offering up to $200m (with the ability to accept oversubscriptions of up to an additional $100m at...
Blue chips doing the heavy lifting on NZX
9.3.24 Warren Head A handful of small caps filled the ranks of the rising stocks in a more positive week for the national sharemarket but it was the heavyweight stocks that did the heavy lifting. The NZX50 climbed very close to the 12,000 milestone this week, with a 179.33 point gain to 11,923.72. The backdrop is the post-OCR sentiment towards steady and then lower interest rates, with a reduced risk of a further hike this year. The ‘longer-for-now’ offset is that rates will not decline...
NZ Market Report 8.3.24
The NZ sharemarket closed off a strong week’s trading with a flourish this evening, to sit 119.70 points or 1.01% higher on the NZX50 index at 11,923.72. The gains were substantially more numerous than declines (the only notable drop being a 12c fall by Port of Tauranga to $5.22). Australian banks led the rally, Westpac ahead by 76c to $29.60 and ANZ up 65c at $31.95. EBOS jumped 57c to $36.90 and Mainfreight up 34c to $68.17. Vulcan Steel gained 19c at $8.27, Freighte3ays 16c to $8.54,...
NZ Market Report 7.3.24
Aussie banks ANZ, up 42c at $31.30 and Westpac, up 14c at $28.84 along with Ampol, up 40c to $40.41, provided the momentum on NZX today. Support came from A2 Milk, which added 15c at $6.33, Auckland Airport rose 8c at $8.13 and Restaurant Brands out on 7c to $3.15. It was enough to take the NZX50 index over the 11,800 mark to 11,803.93 – up 8.03 points. Overnight, the Dow Jones rose 75.86 to 38,661.05 on the Dow Jones. On the declines side Summerset shed 25c to $11.00 and F&P Healthcare...
NZ Market Report 6.3.24
Energy stocks partly carried the NZX50 closer to 11,800 mark today, with Mercury NZ rising 15c to $7.15. The NZX50 closed off at 11,795.90 up 42.88 points. Mainfreight leaned in with a 25c gain at $68.00 and Summerset contributed a 15c rise at $11.25. Seeka jumped 14c to $2.79 and a2 Milk put on 7c at $6.18. Gentrack also gained 8c to trade at $7.84. Hallenstein Glasson gained 12c to $5.80 and Briscoe was up 5c to $4.61. Goodman Property Trust gained 8c at $2.28 as the market warmed...
NZ Market report 5.03.24
Share prices improved as the NZX market moved to tidy up some oversold positions. The NZX50 rallied 28.81 at 11,753,01. Leading the gainers was Summerset rising 10c to $11.10 and F&P Healthcare up 25c to $24.69. Energy gentailers had a strong session, Meridian adding 9c at $6.00 and Contact Energy gaining 12c to $8.30. Skellerup moved 11c higher at $4.41. Heartland added 10c to $1.25, a gain of 8.70%. But that was overshadowed by Black Pearl, which jumped 9c or 18.75% to 57c on a positive...
NZ Market Report 4.3.24
The New Zealand sharemarket has sustained a drift sideways that dipped at the end of today’s session as investors weighed up a very mixed interim results season. The S&P/NZX 50 Index closing at 11,724.21, down 20.18 points or 0.17%. The leading market news of the day included the unexpected decision by Fletcher Building chair Bruce Hassall to step down now rather than wait several months until the AGM to do. He is immediately succeeded by deputy-chair Barbara Chapman as temporary chair....
MARKETWEEK: NZ market stuck on a sticky wicket
2.3.23 WARREN HEAD The national sharemarket seems evenly poised at present between opposite forces of a sluggish economy and a buying window for the bold. The just completed flood of half-year results from listed NZX companies (along with a clutch of full year results to December 31) confirmed the fall off in demand as the local economy and the country’s key offshore markets struggle to contain inflationary costs. Our take on the seasonal reports is that company chairs and CEOs have generally...
NZX Market report 1.3.24
The NZ sharemarket closed off the week on a firm note as the market absorbed the no change decision on the OCR this week. The NZX50 added only 2.92 however at 11,744.39. In the US the Dow Jones bounced 47.37 higher at 38,996.39 and looked poised to break the 39,000 mark. The Australian market had a positive session, the ASX All Ords index rising 47.60 through the 8,000 barrier to land on 8007.10. The NZ market was relatively quiet however, with fewer gains. Mainfreight up 24c to $68.00...
NZ Market Report 29.2.24
The NZ sharemarket was in a fairly sombre mood today after the RBNZ left the OCR unchanged at 5,50% yesterday. F&P Healthcare dropped 60c to $24.80, Colonial Motors was churned 29c at $8.21, Mainfreight fell 49c at $67.76, Delegat Group dropped 13c at $6.28 and Mercury NZ peeled off 26c at $6.88, Serko 8c down at $4.04, Briscoe by 9c to $4.60, Auckland Airport off 7c to $8.10. Foley Wines shed 6c at $1.04 for a 4.60% fall. The surprise of the declines was that rural services stock...
NZ Market Report 28.2.24
The NZ sharemarket reacted to the no-change OCR decision by the Reserve Banks’ MPC with a mildly positive afternoon market. Thye NZX50 closed off at 11,763.32 , up 68.72. In the US overnight ther Dow Jones shed 96.872 at 38,972.41, while in Australia the ASX All Ords eased back by 5.10 at The best gain was made by F&P Healthcare rising 21c to $25.10, while Fletcher Building firmed b y 15 and to $4.05. The retail sector should benefit by there being no additional increment in the...
NZ Market Report 27.2.24
The NZX market had a mixed session again today with several solid gains erased by heavier declines. On the way up Colonial Motors moved 29c to $8.50, EBOS added 49c to $36.55 and Delegat Group 14c to $6.41. Westpac gained 25c to $27.70. However, Mainfreight eased by 15c to $68.50, Restaurant Brands fell 10c to $3.40, as did TGHL at $3.32, Scales shed 9c to $3.16 and Marsden Maritime 8c at $4.16. PGG Wrightson’s lower result peeled 33c off the share price to $2.90, a fall of 10.22%. Chorus...
NZ Market Report 26.2.24
The trading week opened sluggishly with the Summerset result making the company the standout performer. Summerset shares gained 37c to $11.12 after reporting a record full year underlying profit for the December year of $190.3m, up 11.0% on FY22. Net profit was $436.3m, up 62% and the company’s second highest ever NPAT. Ventia Services rose 24c to $4.01 and Delegat gained 27c to $6.27. EBOS regained 15c at $36.06, F&P Healthcare 30c to $24.90. Marsden Maritime gained 9c to $4.24 in...
MARKETWEEK; Revenue gains eroded by soaring costs
The pace of economic momentum is descending into a hair-pin ahead 24.2.24 WARREN HEAD The tentative advance of share prices on the New Zealand market this week should be viewed as encouraging – considering that the economy has become a significant drag on corporate earnings. The modest gain by the sharemarket is also despite the disappointing half-year results that have poured out by NZX issuers this week. The NZX50-index closed off the week at 11,179.80, for an overall...
NZ Market Report 23.2.24
The NZ sharemarket had another positive day’s trading on Friday, which carried the NZX50 index to 11,719.8 up 29.6 points for the day. This outcome was somewhat influenced by market leader Fisher & Paykel moving up by 66c to $24.60 and Delegat Group gaining 25c to $6 in a turnaround following the wine exporter’s latest results. Vulcan Steel regained 19c at $8.04. PGG Wrightson pushed 13c upwards to $3.27, a gain of +4.14%. Briscoe Group added 14c to $4.65, while The Warehouse picked up 5c...
NZ Market Report 22.2.24
Fletcher Building led the gainers on NZX today, with a 34c rise to $3.86, as the market turned upwards across a fairly broad range of stocks. Gentrack continued to make headway with a 23c rise to $7.88, and a2 Milk also added weight with a 20c move upwards to $6.22. Energy stocks had a positive session, led by Meridian with a 12 c rise to $5.82, Mercury NZ adding 9c at $6.98, Manawa up 6c to $4.19 and Genese gaining a cent at $2.13. Vector shares gained 8c. Infratil sustained its...
NZ Market Report 21.2.24
EBOS Healthcare produced another strong result, in the 1st half year reporting revenue of $6.6 billion (up 7.1%), Underlying EBITDA of $313.2m (up 8.3%) and Underlying NPAT of $152.4m (up 7.6%). There were strong performances from Healthcare Underlying EBITDA up 8.0% and Animal Care Underlying EBITDA up 8.6%. EBO shares jumped 60c to $36.40. ANZ Bank gathered 40c at $29.89. Energy stocks were firmer, Meridian Energy gaining 13c to $5.70 and Mercury NZ 9.5c at $6.89. Ventia Services released...
NZ Market Report 20.2.24
An emergent view that interest rates just might be hiked next week and uncertainty in several listed half-year results has not helped the mood on the NZX this week. A larger number of stocks were marked lower in today’s session. Ryman Healthcare shares fell 33c or 6.76% to $4.55, which also unsettled the market in Summerset which slipped 10c to $10.92. EBOS dropped 91c to $35.80 ahead of half year results due tomorrow. Mainfreight throttled back by 30c to $68.70, F&P Healthcare slipped 21c...
NZ Market Report 19.2.24
Summer holiday lethargy has been discarded on the NZ sharemarket which had a torrid session today before closing down 71.21 points at 11,653.27 on the NZX50. The week opened to a slew of downgrades and disparate half-year reports. Some blue chips dropped further in value triggering the index drop. EBOS fell 65c to $36.71, Mainfreight was off 30c at $69.20 After a shock update Ryman Healthcare shares plunged 63c to $4.88, a drop of 11.43%, after downgrading FY24 underlying...
MARKETWEEK. Half-year headwinds brake reports
17.2.24 WARREN HEAD The opening week of the half-year report season has underscored the tapering off of business demand as the NZ economy steps through a down-cycle. Last week’s sprinkle of December half year results was enough to show a real disparity. Amongst these were a few earnings updates preparing the market for the eventual slippage. Some star a positive surprise. Next week the flow of reports steps up. The NZX50 index had a volatile week that began with the 2-day trading halt called...
NZ Market Report 16.2.24
Investors moved into the NZX market today to buy up several stocks that have slipped so far in value that they now look attractive. The NZX50 index moved 84.44 points higher at 11,724.48. Leading the way were EBOS up 62c to $37.62, Infratil up 29c to $10.49, Meridian Energy up 12c to $5.72 and Vulcan Steel up 176c at $7.86. Australasian retailer Hallenstein Glasson added 8c to $5.59, Restaurant Brands rose 10c to $3.55 and Gentrack 18c to $7.55. Fletcher Building regained some lost ground...
NZ Market report 15.2.24
The NZ sharemarket fell for the sixth day in a row with some further corporate events not exactly welcomed by investors. A day after Fletcher Building advised a significant net loss for the December half year and the intention of both CEO Ross Taylor and board chair to depart their roles in coming months, FBU shares fell a further 26c to $3.35. Today’s half year results included a mixed 1H24 from Skellerup Holdings with the Industrial division’s outperformance not preventing a -5% fall...
NZ Market Report 14.2.24
The NZ sharemarket had a sombre day with 78.36 points knocked off the NZX50 index at 11,661.32 as several leaders lost ground. This was, however, a soft outcome by comparison with the bath of red ink that Wall Street took overnight. Higher US monthly inflation at +0.3% meant annualised inflation was running at 3.1% and on a core components basis as high as 3.9%. This effectively rocked the US market overnight, pushing out the timing of any likely Fed rate cuts, notes BNZ Markets this morning....
NZ Market Report 13.2.24
Investor confidence wavered again today as concern around interest rate hikes and the imminent flood of half-year results continues. The Bank of New Zealand differed with ANZ today in not seeing further rate hikes on the near horizon. The portents for the report season by some 50 NZX companies have not been favourable and those expectations were upheld by Vulcan Steel’s fall in interim earnings when the trans-tasman distributor released its report. However, Vulcan...
