[ad_1]
SkyCity shares fell 2.5 per cent to $1.55, in line with the benchmark index. The casino operator swung to a loss after writing down the value of its Adelaide business and taking a charge for changes to government tax depreciation rules. Its underlying earnings were weaker and the prospect of tighter gambling regulation also weighed on SkyCity’s outlook.
Harbour’s Solly said SkyCity’s performance was below recent expectations and the introduction of compulsory card gambling would impact the casino’s short-term growth.
“It really holds them back,” he said.
Auckland International Airport fell 0.4% to $7.53. The country’s main gateway airport saw underlying revenue rise 87% as activity recovered to 91% of pre-pandemic levels.
Genesis Energy shares were unchanged at $2.52 after it reported a 22 percent drop in annual earnings as higher fuel costs squeezed margins.
Energy companies are under pressure as wholesale power prices soar due to low lake levels. Grid operator Transpower said today it would allow some hydro generators to operate at lower than normal levels if a security of supply alert was triggered.
Meridian Energy fell 1.9 per cent to $6.38, Contact Energy rose 0.1 per cent to $8.80, Mercury NZ rose 0.3 per cent to $6.60 and Manawa Energy added 0.5 per cent to $4.
Kiwifruit grower Seeka’s shares rose 8 per cent to $2.70 after it reported a 63 per cent rise in first-half profit as production increased on both sides of the Tasman.
Synlait Milk shares fell 8.7 per cent to 42 cents on volume of 1 million. The milk processor said today it was in the final stages of a review of its Pōkeno plant and North Island assets, and pointed to a report in BusinessDesk that Open Country Dairy was poised to acquire Synlait’s North Island milk supplies.
a2 Milk Co, which has agreed to participate in Synlait’s $217 million capital raising, rose 2.7 per cent to $6.37, while Fonterra Shareholders Fund units rose 0.5 per cent to $4.49.
Vista Group International was the biggest faller on the NZX50, falling 3 per cent to $2.88. The cinema software analytics company reported higher first-half profit margins and forecast a stronger end to the financial year, but its shares are still up 19.5 per cent for the month.
Freightways was the biggest gainer on the benchmark index, rising 2.9 per cent to $9.52. The courier and information management company this week reported a 5.8 per cent fall in annual profit while forecasting better economic prospects for Australia and New Zealand in 2025.
KMD Brands rose 5.7 per cent to 57 cents on volume of 2 million shares. The retailer this week reiterated its earnings outlook and said sales were improving, while Australian-listed rival Super Retail Group said its Macpac and BCF camping chains had improved.
Among companies reporting results on Friday, Channel Infrastructure rose 0.6 per cent to $1.57, Spark NZ fell 1.2 per cent to $4.29 on volume of 1.6 million shares, Winton Land was flat at $2.11 and the NZX fell 0.7 per cent to $1.37.
Precinct Properties NZ was the most traded stock, up 1.2 per cent to $1.315 on 3.6 million shares, Kiwi Property rose 1 per cent to $97 on 2.8 million shares and Fletcher Building fell 0.9 per cent to $3.28 on 2.4 million shares.
[ad_2]
Source link
