New Zealand Stock Markets
New Zealand shares dropped, led lower by Kathmandu Holdings and
Fisher & Paykel Healthcare following trading updates, while A2 Milk
Co met investor hopes at its annual meeting today.
The S&P/NZX50 Index fell 1.32 points, or 0.01 percent, to 8,088.48. Within the index, 25 stocks fell, 19 rose and six were unchanged. Turnover was $182.7 million.
Kathmandu Holdings led the index lower, down 4.6 percent to $2.48. The outdoor equipment retailer, set to hold its annual meeting on Friday, said its first-quarter earnings were up despite sales dipping as it widened margins by selling less sale stock.
In the 16 weeks to Nov. 19, group sales rose 0.6 percent at constant exchange rates. In Australia, its largest market, same-store sales grew 2.9 percent in the quarter while they dropped 10 percent in New Zealand. Gross margin expanded 240 basis points, or 2.4 percentage points, with the level of clearance stock about 40 percent lower than a year earlier, it said.
Fisher & Paykel Healthcare dropped 4.5 percent to $13.25. New Zealand's biggest listed company increased first-half profit 4 percent to $81.3 million, widened its margins, and lifted its forecast for full-year earnings to the top end of its range.
The latest earnings included $12.2 million of patent litigation costs over disputes with rival Resmed compared with $2.4 million of costs a year earlier, and excluding those, profit would have risen 13 percent, it said. First-half revenue lifted 8 percent to $458.4 million. The company had forecast first-half revenue of about $460 million and profit of about $80 million.
A2 Milk Co was the best performer, up 5.4 percent to $8.26. The milk marketer said both revenue and net profit jumped in the first four months of the current financial year as it continues to benefit from strong demand for its infant formula.
Restaurant Brands rose 2.7 percent to $6.82 and Metro Performance Glass advanced 2.2 percent to 94 cents.
Arvida Group gained 0.9 percent to $1.18. The retirement village company reported a decline in first-half profit on lower valuation gains and higher employee costs after a pay equity deal. Net profit fell to $14.5 million in the six months ended Sept. 30 from $19.4 million a year earlier. The result included an $8.9 million valuation gain on its investment properties from a $14.3 million gain a year earlier as the property market shows signs of slowing after several years of solid growth.
Argosy Property was unchanged at $1.045. It posted a 58 percent decline in first-half profit as the firm became the latest listed property investor to report a little-changed portfolio valuation after several years of gains, and was faced with smaller rental income.
The S&P/NZX50 Index fell 1.32 points, or 0.01 percent, to 8,088.48. Within the index, 25 stocks fell, 19 rose and six were unchanged. Turnover was $182.7 million.
Kathmandu Holdings led the index lower, down 4.6 percent to $2.48. The outdoor equipment retailer, set to hold its annual meeting on Friday, said its first-quarter earnings were up despite sales dipping as it widened margins by selling less sale stock.
In the 16 weeks to Nov. 19, group sales rose 0.6 percent at constant exchange rates. In Australia, its largest market, same-store sales grew 2.9 percent in the quarter while they dropped 10 percent in New Zealand. Gross margin expanded 240 basis points, or 2.4 percentage points, with the level of clearance stock about 40 percent lower than a year earlier, it said.
Fisher & Paykel Healthcare dropped 4.5 percent to $13.25. New Zealand's biggest listed company increased first-half profit 4 percent to $81.3 million, widened its margins, and lifted its forecast for full-year earnings to the top end of its range.
The latest earnings included $12.2 million of patent litigation costs over disputes with rival Resmed compared with $2.4 million of costs a year earlier, and excluding those, profit would have risen 13 percent, it said. First-half revenue lifted 8 percent to $458.4 million. The company had forecast first-half revenue of about $460 million and profit of about $80 million.
A2 Milk Co was the best performer, up 5.4 percent to $8.26. The milk marketer said both revenue and net profit jumped in the first four months of the current financial year as it continues to benefit from strong demand for its infant formula.
Restaurant Brands rose 2.7 percent to $6.82 and Metro Performance Glass advanced 2.2 percent to 94 cents.
Arvida Group gained 0.9 percent to $1.18. The retirement village company reported a decline in first-half profit on lower valuation gains and higher employee costs after a pay equity deal. Net profit fell to $14.5 million in the six months ended Sept. 30 from $19.4 million a year earlier. The result included an $8.9 million valuation gain on its investment properties from a $14.3 million gain a year earlier as the property market shows signs of slowing after several years of solid growth.
Argosy Property was unchanged at $1.045. It posted a 58 percent decline in first-half profit as the firm became the latest listed property investor to report a little-changed portfolio valuation after several years of gains, and was faced with smaller rental income.
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