Stocks up on company results
The New Zealand sharemarket rose today as investors digested annual results released.
Casino and hotel operator SkyCity Entertainment revealed net profit of $138.5 million for the year ended June 30, up 12.6 per cent. Commercial property owner and developer AMP NZ Office's net profit was $45.1m, up from $10.4m a year earlier.
The NZX50 index was up 0.6 per cent or 22.30 points to 3631.18. Within the index, 20 stocks rose, 19 fell and 11 were unchanged.
"It was a very busy day with results season really getting underway in full force. SkyCity's first six weeks of the 2013 year started well but clearly while they're a solid defensive business there aren't too many spare dollars thrown around by customers," Goldman Sachs JBWere institutional broker Peter Sigley said.
SkyCity closed unchanged at $3.58.
"AMP NZ Office's stock is actually down .5 per cent to 98c. It had a strong run recently, people tend to chase those attractive yields, but the result itself just barely met expectations. Probably the key point however is that looking forward, the company is quite confident particularly in the Auckland office market and while Wellington is different they're very well placed with high quality properties."
The leading gainer was Australian food ingredients maker Goodman Fielder, up 12.3 per cent to 73c after its better than expected result yesterday. Would-be bank Heartland rose 3.8 per cent to 55c. Rural services company PGG Wrightson was up 3.3 per cent to 31c.
Telecom was up 3.3 per cent to $2.84. "In terms of trading, Telecom was probably the stand out, there was no news but it would appear to be a very aggressive buyer in the market driving it up."
Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was down 1 per cent to $2.90. Markets operator NZX Limited fell 0.9 per cent to $1.12.
Diligent Board Member Services announced it had increased its revenues by 176 per cent to US$18.3m but its shares fell 0.8 per cent to $3.80.
Industrial chemicals and resins maker Nuplex was down 0.8 per cent to $2.59. OceanaGold was down 0.7 per cent to $2.78. Rubber goods and milking equipment manufacturer Skellerup Holdings fell 0.65 per cent to $1.53.