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Home / Business / Markets

Market close: Rocky day for NZ shares amid renewed inflationary fears

By Graham Skellern
NZ Herald·
25 Aug, 2022 05:37 AM4 mins to read

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Sky Network Television gained 3c to $2.62. Photo / Getty Images

Sky Network Television gained 3c to $2.62. Photo / Getty Images

Sky Network Television and Comvita provided the bright spots in the reporting season as the New Zealand sharemarket continued to stumble from its recent sharp rally because of renewed inflationary fears.

The S&P/NZX 50 Index had a rocky day, closing at a low of 11,627.14 – down 28.19 points or 0.24 per cent – after reaching an intraday high of 11,686.43.

There were 77 gainers and 70 decliners over the whole market on volume of 30 million share transactions worth $129.4 million.

Matt Goodson, managing director of Salt Funds Management, said the rally had been dominated by the view that the United States Federal Reserve needed to pivot and ease its monetary tightening.

"It has emerged over the past few days that this view is premature as inflationary pressures remain, and subsequently markets have been choppier."

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Goodson said the New Zealand financial results season has been sound with more companies beating, rather than missing, their guidance. "But overall we've seen a net downgrade in forecasts which is not surprising given the economy is slowing and cost pressures are rampant."

Sky Network Television gained 3c to $2.62 after reporting a 40.5 per cent increase in net profit to $62.2m on revenue of $736.1m, up 4 per cent, for the year ending June. But the broadcaster is forecasting slightly weaker profit in the 2023 financial year.

Subscriptions grew 4 per cent to 990,761 and Sky TV is reinstating its dividend, paying 7.3c a share paid on September 23, as well as making a capital return of $70m to shareholders.

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Manuka honey supplier Comvita, gaining 9c or 2.73 per cent to $3.39, recorded its second best ever result with net profit increasing 35 per cent to $12.78m on revenue of $208.9m, up 9 per cent, for the 12 months ending June. Comvita is paying a final dividend of 3c a share on October 7.

Air New Zealand was down 1c to 66.5c after reporting an expected annual loss before tax of $810m, up from $415m on the previous year. The airline's revenue increased 8.8 per cent to $2.74b for the year ending June, mainly through its cargo contracts, and expenses blew out to $2.738b, from $2.18b. It has available liquidity of $2.36b.

Goodson said Air New Zealand's issue was the impact of the weaker currency on fuel and labour costs – the airline had signalled a $400m reduction in capital expenditure in the next financial year.

SkyCity Entertainment, down 4c to $2.92, also had an expected annual loss of $33.6m on revenue of $639m that was hampered by the extended lockdown in Auckland.

Goodson said the result was solid enough but Sky City has conflicting drivers – a weakening economy and increased business through reopening the border.

Freightways continued to leap forward after announcing it was expanding in Australia, rising 66c or 6.48 per cent to $10.84.

Fast food operator Restaurant Brands gained 28c or 3.45 per cent to $8.40; a2 Milk increased 6c to $5.42; wine exporter Delegat Group improved 3c or 2.61 per cent to $1.18; and Scales Corporation rose 25c or 5.56 per cent to $4.75 after telling the market its global pet food division was performing well.

There was a recovery in the property sector with Property for Industry gaining 4c to $2.665, and Vital Healthcare increasing 6c or 2.22 per cent to $2.76.

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Heartland Group Holdings, up 4.5c or 2.45 per cent to $1.88, has opened its $70m share purchase plan for shareholders at $1.80 a share. Earlier, the banking group completed a $130m placement to institutional shareholders.

Fisher and Paykel Healthcare was down 5c to $20.20; Mainfreight declined $1.10 to $76.40; and Summerset Group Holdings fell 30c or 2.61 per cent to $11.20.

In the energy sector, Contact decreased 11c to $7.77, and Meridian was down 9.5c or 1.86 per cent to $5.005. Manawa Energy, down 6c to $6.24, has raised $100m worth of five-year bonds with a fixed rate of 5.36 per cent a year.

Ventia Services Group, unchanged at $3.09, has gained a 10-year contract worth $250m to maintain the Gold Coast water and sewerage networks. Ventia reported a net profit of A$105 ($117.4m), up 163 per cent, on revenue of A$2.51 billion for the six months ending June. It has A$17.3b of work in hand.

Medicinal cannabis company Cannasouth has obtained a Good Agricultural and Collection Practice certificate for its controlled environment greenhouse facility in Waikato. Its share price was unchanged at 39c.

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