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22 Mar 2018 22:50
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  •   Home > News > Business

    NZ shares rise as A2 gains again

    New Zealand shares rose on Thursday, led by A2 Milk, while Restaurant Brands and Tegel dropped after updating their earnings guidance.

    8 March 2018

    Air New Zealand
    Air New Zealand

    New Zealand shares rose on Thursday, led by A2 Milk, while Restaurant Brands and Tegel dropped after updating their earnings guidance.

    The S/NZX 50 Index gained 74.36 points, or 0.9 per cent, to 8358.7. Within the index, 20 stocks rose, 18 fell and 12 were unchanged. Turnover was $140 million.

    Peter McIntyre, an investment adviser at Craigs Investment Partners, said the market had done well despite a large number of stocks going ex-dividend Thursday.

    The local market took off when the Australian market opened at lunchtime, "which has been a trend for the last wee while," with Asian markets firm, he said.

    A2 Milk led the index higher, up 4.9 per cent to $13.18, while Sanford rose 2 per cent to $7.55 and Spark gained 1.6 per cent to $3.45.

    The worst performers on the index were companies whose stocks went ex-dividend.

    NZX dropped 2.8 per cent, or 3 cents, to $1.06; it gave up rights to a 3.1 cent final dividend. Port of Tauranga, which shed a 5.7 cent dividend, dropped 2 per cent or 10 cents to $4.95. Air New Zealand fell 0.9 per cent or 3 cents to $3.30 after giving up an 11 cent dividend.

    Restaurant Brands dropped 1.1 per cent to $7.12. Revenue rose 49 per cent to $740.8 million in the 2018 financial year, as acquisitions in Hawaii and Australia bolstered earnings.

    Outside the benchmark index, Warehouse Group rose 0.5 per cent to $2.03. It confirmed that its first-half earnings fell 16 per cent to $37.7m, and warned its full-year result may drop by about a quarter as it transitions its iconic red shed discount stores to an 'everyday low prices' model and integrates its businesses.

    "Their shares have been remarkably resilient today, maybe some had already been priced in," Mr McIntyre said.

    Tegel Group dropped 6 per cent to 94 cents. It said full-year profit may drop by as much as a fifth.

    "The market is starting to lose a bit of patience to be honest until they start getting some positive news back into the market some investors will be thinking there are better places to invest," he said.

    Tower jumped 4.5 per cent to 81.5 cents. Suncorp Group's Vero Insurance has sold its cornerstone stake in Tower to US private equity firm Bain Capital for $53.9m.


    © 2018 NZN, NZCity

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