Air NZ and Auckland Airport lift market
The S&P/NZX 50 index increased 8.4 points, or 0.1 percent, to 9,309.21. Within the index, 20 stocks gained, 19 fell, and 11 were unchanged. Turnover was $160.1 million.
Auckland Airport rose 1 percent to $7.42 on a volume of 2.7 million shares, more than twice its average. The airport operator lifted underlying first-half earnings almost 3 percent to $136.9 million on increased aircraft movements and passenger numbers. Capital expenditure fell to $132.3 million from $208.3 million, and the airport operator scaled down its annual forecast as it pushed out construction work on some larger projects.
David Price, a broker at Forsyth Barr, said the forecast capex was significantly lower.
"That will reduce its depreciation burden in the next few years and we'll probably revise up our forecasts," he said. "It was a good operational performance - retail was very strong."
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