by BusinessDesk
The S&P/NZX 50 index fell 112.4 points, or 0.9%, to 11,793.33. Turnover was $126.7 million.
Michael Hill released its first-half results today and even though the retail jeweller has lost thousands of trading days worldwide since the pandemic, it still reported record revenue.
Earnings before interest and tax (Ebit) came to A$54.5m (NZ$59.5m) – up 6% from the previous comparable period.
Peter McIntyre, an investment advisor at Craigs Investment Partners, said Michael Hill’s results had been strong – but expected – due to the company giving the market a heads up about its earnings earlier in the month.
“A good result but no surprises,” he told BusinessDesk.
Michael Hill ended the day up 5.5% to $1.16.
Heavyweight stocks pulled down the market today, with healthcare manufacturer Ebos Group falling 0.4% to $44.92 and Fisher & Paykel Healthcare down 1.8% to $25.84.
Ryman Healthcare also fell, down 3% to $5.24. Summerset Holdings was down 4.3% to $9.28 after the announcement of Fiona Oliver joining the retirement village operator’s board today.
Summerset also launched an up to $175m offer of six-year retail bonds this morning.
Verification software provider Trade Window fell 2.4% to 40 cents. The company is reviewing its research and development costs and seeking new sources of capital after failing to raise its targeted $20m – instead reaching only $5.4m.
The company intended to use the funds to operate the company for the next two years, given that it was spending around $959,000 a month to pursue a software-as-a-service model.
Kiwi Property Group was down 2.7% to 90.5 cents. The company announced the founder and current chair of its environmental, social and governance (ESG) committee, Mark Powell, is leaving his role from May.
Energy retailer Genesis Energy also reported its half-year earnings today, with wet weather helping boost its hydro generation and profit as the need to fire up the more expensive Huntly coal and gas generation was reduced. Earnings before interest, tax, depreciation, amortisation and financial instruments (Ebitdaf) of $298m was an increase of 42% from $210m in the previous comparative period.
Genesis Energy was down 0.7% to $2.83 by early evening.
The New Zealand dollar was trading at 61.67 US cents at 3pm in Wellington, dipping from 62.37 cents on Friday.
| « NZ market focused on aged-care stocks | NZ market in good spirits as earnings season wraps up » |
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