Stocks up as reporting season in full swing
The New Zealand sharemarket has risen after a positive balance sheet from one of the first companies to reveal their financial performance in the current earnings season, Freightways.
The NZX50 index was up 0.5 per cent or 17.16 points to 3594.96. Within the index, 26 stocks rose, 16 fell and 8 were unchanged.
Hamilton Hindin Greene director Grant Williamson said the local bourse had a firmer start to the week.
"What buoyed the market early on was a positive announcement from Freightways as expected. It came in with a very nice profit increase but it was very much expected and I think that's why the share price was only up 0.3 per cent to $3.91."
Its net profit was up 29.9 million from the year previously, at $47 million. Its operating revenues rose 8 per cent to $382.50.
"Those were some very encouraging signs from the courier company, which does indicate how the economy as a whole is performing to some degree."
Whiteware manufacturer and exporter Fisher & Paykel was up 2.6 per cent to 59c. Retirement villages operator and developer Ryman Healthcare rose 2 per cent to $3.62. Carpet maker Cavalier was up 1.9 per cent to $1.64.
"Fletcher Building showed some encouraging signs, up 2.2 per cent to $6.54. That could have been partly due to the fact that the Christchurch rebuild seems to be going to happen sooner rather than later so so Fletcher Building is recovering nicely," Williamson said.
Infrastructure investor Infratil rose 1.5 per cent to $2.09. Mainfreight was up 1.4 per cent to $9.44 and New Zealand Refining rose 1.3 per cent to $2.40.
OceanaGold led declining stocks with a 3.5 per cent fall to $2.77. Rural services company PGG Wrightson was down 3.1 per cent to 31c. Xero fell 2.1 per cent to $5.10.
Markets operator NZX Limited was down 1.7 per cent to $1.15. Casino and hotels operator SkyCity Entertainment was down 1.1 per cent to $3.57. Pumpkin Patch fell 1.1 per cent to $3.57.
"This week investors will keep a close eye on the companies due to report, with a focus on the results and the forward outlook comments that directors make," Williamson said.