by BusinessDesk
The S&P/NZX 50 Index took off at midday and closed at 12,334.18, up 149.67 points or 1.23% – the previous best single day was a rise of 2.17% on Nov 22.
The index has now gained nearly 2.4% over the last five trading days but is still down 4.6% for the year.
Volumes were again strong, with 69.9 million shares worth $228.06m changing hands.
'A large impact'
Fisher and Paykel Healthcare, with the biggest market capitalisation of $20.28 billion, rose $1.54 or 4.66% to $34.60 on trade worth $17.9m, and was backed up by Meridian Energy, increasing 17c or 3.19% to $5.50, and Auckland International Airport, up 14c or 1.76% to $8.09.
Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said, “When the big boys move, they can make a large impact on the market. It was a very encouraging day’s trading.”
He said Fisher and Paykel is susceptible to US tariff developments, and the prospect of some easing on April 2 was the catalyst for its share price move.
There was also some bargain hunting in Ryman Healthcare which was trading well below its issue price of $3.05 for its $1b capital raise, Sullivan said.
Ryman increased 15c or 5.98% to $2.66, and fellow retirement village operator Summerset was up 13c to $11.40.
In the United States, the S&P 500 came out of correction after gaining 0.16% to 5,776.65 points. The Nasdaq Composite was up 0.46% to 18,221.86 points, and the Dow Jones Industrial Average was flat at 42,587.5.
Across the Tasman, the S&P/ASX 200 Index had risen 0.67% to 7,996.1 points, with Fisher and Paykel Healthcare one of the biggest movers.
Local stocks
Back home, Port of Tauranga was up 6c to $6.66; Mainfreight gained 49c to $65.79; Ebos Group added 50c to $37.80; a2 Milk collected 7c to $8.81; Channel Infrastructure increased 4c or 2.11% to $1.94; and Hallenstein Glasson was up 19c or 2.36% to $8.24.
Other gainers were Sanford increasing 8c to $4.99; Scales Corp adding 11c or 2.63% to $4.30; Burger Fuel Pacific collecting 1.5c or 5% to 31.5c; Restaurant Brands up 7c or 2% to $3.57; and New Talisman Gold Mines climbing a further 0.003c or 4.84% to 7c.
KMD Brands was down 1.5c or 4.05% to 35.5c, nearing its low set on June 27, after reporting revenue of $470.94m, up 0.5%, and a net loss of $20.7m for the six months ending January.
KMD told the market that direct-to-consumer sales have improved for all three brands, while the wholesale market is taking longer to recover. Group online sales have seen double-digit increases and remain a key growth priority for the group.
Rip Curl’s revenue was up 0.1% to $278.5m; Kathmandu’s increased 3% to $156.8m, and Oboz’s was down 6.3% to $35.6m. Gross margin decreased 0.3% to 58.5%, and net debt was $20m lower at $76.2m.
In the seven weeks to March 16, Kathmandu’s sales including online increased 5.2% and Rip Curl’s was up 0.7% - the Queensland and northern New South Wales stores were impacted by Cyclone Alfred.
Other decliners were Synlait Milk, falling 5c or 6.33% to 74c; Gentrack, easing 23c or 2.16% to $10.40; Smartpay, decreasing 2.5c or 2.84% to 85.5c; The Warehouse, shedding 4c or 4.4% to 87c; and 2 Cheap Cars, down 3c or 4% to 72c.
In the energy sector, Mercury was down 10c or 1.75% to $5.60, and Contact declined 13c to $8.62.
Fonterra Shareholders’ Fund declined 13c or 2.29% to $5.55; PGG Wrightson was down 5c or 2.78% to $1.75; and Bremworth eased 2c or 3.17% to 61c.
Argosy, down 1c to 99c, said in an investor update that it continues to increase the weighting to industrial property in the greater Auckland area and to enhance the quality of the portfolio, leading to the reintroduction of the dividend reinvestment plan.
“We have lost very few tenants to the economic downturn thus far, and we have generally managed to replace any tenants with higher value rental levels almost straight away,” Argosy said. “Arrears have been well managed and are at very low levels.”
Argosy told the market it has settled the sale of 8 Forge Way in Panmure for $35.2m.
NZME, up 4c or 3.45% to $1.20, released a second letter from Canadian billionaire Jim Grenon, who holds a near 10% stake. He said if his proposed new board is appointed, and him as chair, up to four directors could be added after the annual meeting.
Grenon claimed he has more than 50% shareholder backing to change the existing board of directors.
| « NZ sharemarket up 0.4% amid US market surge | Ryman up 11% in two days » |
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