Pacific Edge shares edge up
Pacific Edge’s shares jumped as much as 6.3% as investors wait for the cancer diagnostic company to reveal whether major US health insurance provider will keep using its bladder tests.
Wednesday, November 16th 2022, 6:00PM
by BusinessDesk
The S&P/NZX 50 Index decreased 8.59 points, or 0.1%, to 11,230.55. Turnover was $126 million.
Hobson Wealth investment adviser Brad Gordon said interest rates coming off “quite sharply” in the last week gave equity markets much-needed support.
He said the sudden interest in Pacific Edge was probably on expectations for an update on whether Medicare provider Novitas will continue using Pacific Edge’s Cxbladder tests.The cancer diagnostics rose 3.1% to 49.5 cents after rising as much as 6.3%.
The company’s result for the six months ended Sept 30 are due next week.
Healthcare distributor Ebos presented to investors in Melbourne today and was down 0.1% at $40.39, with the highest turnover at $14.3m.
Gordon said A2 Milk had a good day and was up 1.9% at $6.59, trading $4.3m.
The global dairy trade (GDT) auction prices rose 2.4% at the latest event, with whole milk powder prices up 3.1%. Skim milk powder also rose 3.1%, butter price declined 0.8% and anhydrous milk fat prices rose 2.7%.
Contact Energy was up 0.7% at $7.55 after its annual meeting where shareholders peppered the energy retailer’s chair with dividend questions.
Investore Property released its results for the six months ended Sept 30, with higher rents and property acquisitions helping boost earnings. Today, the company’s shares were unchanged at $1.48.
Retailer KMD Brands jumped 4.8% to $1.10 after it reported first-quarter sales at its annual meeting.
KMD said total sales were up 62% from the same covid-hit quarter in the previous corresponding period and 18% above the same pre-covid quarter in the 2020 financial year.
The NZ dollar traded at 61.37 US cents at 3pm in Wellington, up from 60.90 cents yesterday.
The kiwi has climbed more than 10% against the US dollar over the past month, helped by the US dollar index falling to a three-month low.
CMC analyst Tina Teng said in a note that the greenback's fall had boosted commodity-sensitive currencies such as the NZ and Australian dollars.
Eroad fell 2.9% to $1.36 leading the NZX 50 lower, perhaps due to its increasing exposure to the US and currency movements.
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