New Zealand Stock Markets
New Zealand shares gained, with Fletcher Building rising as investors
were lured back after its recent weakness, while Orion Health Group hit
a record low.
The S&P/NZX 50 Index rose 0.01 percent, or 0.47 points, to
8,141.96. Within the index, 23 stocks rose, 22 fell and five were
unchanged. Turnover was $202 million.
Fletcher Building gained 1.8 percent to $6.85.
Precinct Properties led the index, up 1.9 percent to $1.32, while Freightways rose 1.8 percent to $7.99.
Synlait Milk was the worst performer, dropping 2.9 percent to $7.50, while Xero fell 2.3 percent to $31.61.
Spark New Zealand fell 0.5 percent to $3.59 while Sky Network Television dipped 0.4 percent to $2.47. Sky, which is New Zealand's biggest pay-TV operator, will ask the courts to force internet providers Spark, Vodafone, Vocus and Two Degrees to prevent consumers accessing free streaming sites such as The Pirate Bay and Putlocker.
Sky plans to ask the High Court for an injunction on the four providers, who collectively hold about 90 percent of New Zealand's internet market. Vocus, which runs Orcon, Slingshot and Flip, said the move was "gross censorship and a breach of net neutrality", and a spokesperson for Spark said the company doesn't think it should be the role of ISPs to become the “police of the internet” on behalf of other parties.
Outside the benchmark index, Orion Health Group fell 6.4 percent to 88 cents, an all-time low. Yesterday, the health software developer, whose shares have lost almost half their value this year, said it had widened its first-half loss and lowered its outlook for the full year.
The loss was $25.9 million in the six months ended Sept. 30 from a loss of $18 million a year earlier, the Auckland-based company said in a statement. Sales fell to $80.9 million from $104.2 million which the company attributed to a significant software licence deal being recognised in the year-earlier period, which also impacted margins due to its low cost of sales. The company posted an operating loss of $25 million, at the top end of its $20 million-to-$25 million forecast.
Steel & Tube Holdings was flat at $1.99. It confirmed today that it pleaded guilty to 24 charges laid against it by the Commerce Commission for making false and misleading representations about its steel mesh products. The company entered the guilty plea more than three months ago, three days before it reported a 22 percent drop in annual profit.
Pacific Edge fell 5.3 percent to 36 cents. The cancer diagnostics company narrowed its first-half loss after clamping down on costs by ditching a staff share scheme and lifting revenue.
IkeGPS was unchanged at 29 cents. The laser measurement toolmaker upgraded its sales expectations but maintained its breakeven guidance for the full year after revenue lifted and its loss narrowed in the first half.
Seadragon fell 17 percent to 0.5 of a cent after the fish oil refiner said it would draw down the remaining $1 million of its convertible loan facility from shareholder Comvita to boost working capital. It posted a first-half loss of $2.7 million, down from a loss of $3.5 million a year earlier.
Fletcher Building gained 1.8 percent to $6.85.
Precinct Properties led the index, up 1.9 percent to $1.32, while Freightways rose 1.8 percent to $7.99.
Synlait Milk was the worst performer, dropping 2.9 percent to $7.50, while Xero fell 2.3 percent to $31.61.
Spark New Zealand fell 0.5 percent to $3.59 while Sky Network Television dipped 0.4 percent to $2.47. Sky, which is New Zealand's biggest pay-TV operator, will ask the courts to force internet providers Spark, Vodafone, Vocus and Two Degrees to prevent consumers accessing free streaming sites such as The Pirate Bay and Putlocker.
Sky plans to ask the High Court for an injunction on the four providers, who collectively hold about 90 percent of New Zealand's internet market. Vocus, which runs Orcon, Slingshot and Flip, said the move was "gross censorship and a breach of net neutrality", and a spokesperson for Spark said the company doesn't think it should be the role of ISPs to become the “police of the internet” on behalf of other parties.
Outside the benchmark index, Orion Health Group fell 6.4 percent to 88 cents, an all-time low. Yesterday, the health software developer, whose shares have lost almost half their value this year, said it had widened its first-half loss and lowered its outlook for the full year.
The loss was $25.9 million in the six months ended Sept. 30 from a loss of $18 million a year earlier, the Auckland-based company said in a statement. Sales fell to $80.9 million from $104.2 million which the company attributed to a significant software licence deal being recognised in the year-earlier period, which also impacted margins due to its low cost of sales. The company posted an operating loss of $25 million, at the top end of its $20 million-to-$25 million forecast.
Steel & Tube Holdings was flat at $1.99. It confirmed today that it pleaded guilty to 24 charges laid against it by the Commerce Commission for making false and misleading representations about its steel mesh products. The company entered the guilty plea more than three months ago, three days before it reported a 22 percent drop in annual profit.
Pacific Edge fell 5.3 percent to 36 cents. The cancer diagnostics company narrowed its first-half loss after clamping down on costs by ditching a staff share scheme and lifting revenue.
IkeGPS was unchanged at 29 cents. The laser measurement toolmaker upgraded its sales expectations but maintained its breakeven guidance for the full year after revenue lifted and its loss narrowed in the first half.
Seadragon fell 17 percent to 0.5 of a cent after the fish oil refiner said it would draw down the remaining $1 million of its convertible loan facility from shareholder Comvita to boost working capital. It posted a first-half loss of $2.7 million, down from a loss of $3.5 million a year earlier.
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