Pacific Edge soars on busy day for NZX
Cancer diagnostics company Pacific Edge soared more than 100% after improving its standing in the United States, and the New Zealand sharemarket gained nearly 0.5% on a busy day.
Friday, February 28th 2025, 6:48PM
by BusinessDesk
The S&P/NZX 50 Index had a late flurry and closed at 12,601.42, up 60.55 points or 0.48%. The index has now fallen 3.5% for the year so far.
The market was extended for the final day of the MSCI indices February quarterly review.
Contact Energy, up 23c or 2.55% to $9.24 on trade worth $51 million, is joining the MSCI Global Standard Index at the expense of fellow gentailer Mercury, up 4c to $6.55 on trade worth more than $30m near the close of trading.
Matt Goodson, managing director of Salt Funds Management, said the day was dominated by the MSCI movements but there were solid financial results from Port of Tauranga, Summerset and Vista Group, and a highlight from Pacific Edge.
Dunedin-based Pacific Edge was up 7.5c or 119.05% to 13.8c after announcing the American Urological Association has included the Cxbladder test in its standard of care guidelines. Pacific Edge will continue to press Novitas for US Medicare funding.
The cancer diagnostics company told the market that the association has incorporated language for the use of urine-based biomarkers for intermediate-risk patients – and specifically mentions that Cxbladder has Grade A evidence from the randomised controlled Strata trial.
Pacific Edge said it expects an uplift in demand for Cxbladder tests as more clinicians in the US and around the world begin to observe this updated guideline.
Goodson said inclusion in the guidelines was very important for Pacific Edge. It should force a reconsideration by Novitas and if not, Pacific Edge should be able to make a strong legal challenge.
Port of Tauranga jumped 27c or 4.05% to $6.94 on increased trade for the six months ending December. Revenue was up 12.49% to $225m and net profit rose 27.43% to $60.2m. It is paying an interim dividend of 7c a share on March 21.
Total trade volumes increased 6.9% to 12.4 million tonnes and containers rose 10.2% to 591,934 TEUs (20-foot equivalent units) compared with the previous corresponding period. Imports were up 14.9% to 4.4 million tonnes and exports increased 3% to 8 million tonnes, though logs were down 10.5% to 3.2 million tonnes.
Port of Tauranga has lifted its full-year guidance for underlying group earnings to between $115m and $125m, up from $102.7m reported in the 2024 financial year.
Summerset rose 70c or 5.98% to $12.40 after reporting record sales and earnings for the year ending December. Sales of its units hit 1,238, up 12%, including 708 new homes.
The retirement village operator reported revenue of $319.9m, up 17.5%, and record underlying profit of $206.4m, up 8.4%. It has total assets of $8.1 billion, an increase of 18%. Summerset is paying a final dividend of 13.2c a share on March 27.
Vista Group surged 39c or 11.64% to $3.74 on record revenue of $150m, up 4.9% for the 12 months ending December, while reporting gross profit of $1.8m and a net loss of $600,000. Recurring revenue was $134.6m, up 9%.
Vista forecast revenue of between $167m and $173m for the 2025 financial year, including recurring revenue of between $152m and $158m, up from $134.6m.
Market leader Fisher & Paykel Healthcare declined 58c to $34.02 as US President Donald Trump said tariffs on imported goods from Mexico, Canada and China would begin this weekend (NZ time).
Meridian Energy was down 11c or 1.92% to $5.61; a2 Milk decreased 19c or 2.11% to $8.83; Millennium & Copthorne Hotels NZ declined 6c or 2.3% to $2.55; and Heartland Group shed 3.5c or 3.98% to 84.5c.
Fletcher Building improved 6c or 1.83% to $3.33; Genesis Energy collected 5.75c or 2.61% to $2.2625; Westpac Bank added 72c or 2.09% to $35.22; Napier Port was up 8c or 3.05% to $2.70; and PGG Wrightson gained a further 6c or 2.86% to $2.16.
Other gainers were Synlait Milk up 2c or 2.35% to 87c; The Warehouse adding 2c or 2.08% to 98c; AFT Pharmaceuticals collecting 5c or 1.85% to $2.75; and Smartpay up 2c or 3.33% to 62c.
Wine exporter Delegat Group was down 10c or 2.04% to $4.80 after reporting a 10% decline in revenue to $178.64m and 63% fall in net profit to $12.46m for the six months ending December, after a lower-yielding 2024 vintage.
Total cases sold were 1.63 mllion, down 15%, with lower shipments to Ireland, the UK and North America. Delegat is forecasting full-year operating net profit at the lower end of the range of between $55m and $60m.
Move Logistics was down 2c or 8.33% to 22c after announcing Paul Millward as its permanent chief executive, after having the interim role.
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