Market close: NZ market enjoys positive bounce amidst volatile day

Turners Automotive Group told the NZX that the company was heading for a record half-year result for the six months to September 30. The company credited its successful "Tina from Turners" ad campaign in helping the group lift its vehicle sales.

New Zealand’s benchmark index brightened up on Tuesday, thanks to international tailwinds pushing the New Zealand market higher after a volatile day of trading.

The S&P/NZX 50 Index rose 88.3 points, or 0.8 per cent, to 11,293.38. Turnover was $81.8 million. There were 77 gainers and 48 decliners on the main board.

Hamilton Hindin Greene’s Grant Davies said it had been a volatile day for New Zealand’s market thanks to flow-through from US markets which defied predictions and turned positive overnight while the Australian market also headed into positive territory.

“New Zealand investors are still a little bit cautious, but the international funds coming in have helped propel our market today,” he said.

Turners Automotive Group told the NZX that the company was heading for a record half-year result for the six months to September 30, and was predicting profit before tax of “at least” $25m.

The company credited its successful “Tina from Turners” ad campaign in helping the group lift its vehicle sales and get it closer to its goal of getting onto the NZX50. Turners edged up over 8 per cent earlier on in the day but ended up 23 cents or 6 per cent to $4.07.

Arvida Group revealed that sales volumes were up 6 per cent year-on-year in the first half, and “green shoots” in the housing market may herald a further uplift in the retirement village company’s second half.

Chief executive Jeremy Nicoll said a total of 285 sales of occupation rights - new and resale - settled in the six months ended Sept 30.

“This was 6 per cent up on last year’s volume for the corresponding six months, reflecting a good second quarter of resales.” From 183 resales of occupation rights in the period, Arvida reported resale gains of $27m.

Arvida Group was down 1 cent or 0.8 per cent to $1.23. Across other aged care stocks, Ryman Healthcare fell 12c or 2 per cent to $5.93 while Oceania Healthcare rose 1c or 1.4 per cent to 72c.

Summerset Holdings edged down 4c or 0.4 per cent to $9.80 after it released its third-quarter sales for the period ending September 30.

Chief executive Scott Scoullar said sales were up 19 per cent compared to the previous corresponding period in 2022 and 133 new sales and 127 resales in the latest quarter.

Dual-listed logistics company Freightways was down 12c or 1.5 per cent to $8.13 and Mainfreight was up 86c or 1.4 per cent to $63.66.

The freight company released its 2023 climate risks report today where the company said it acknowledged that where there were climate risks there were “financial risks but also practical opportunities”.

Fonterra Shareholders’ Fund Units rose again for a second day, following Monday’s news that Fonterra was boosting its farmgate milk price forecast. The units were up 7c or 2.3 per cent to $3.15.

Other gainers were tech firms Serko which was up 17c or 4.3 per cent to $4.10 and Scott Technology which rose 13c or 4 per cent to $3.40.

Ebos Group bounced up $1.01 or 3 per cent to $35.21.

The New Zealand dollar was trading at US60.29c at 3pm in Wellington, up from 59.85 on Monday. The trade-weighted index was at 71.48, from 71.09 on Monday. BusinessDesk reported that the election uncertainty spelt short-term turbulence for the New Zealand dollar, with it falling 6 per cent since the beginning of the year.

BNZ’s head of research Stephen Toplis said heightened uncertainty often meant a bond markets sell-off and a weakening in the New Zealand dollar - but this was likely to be a “short-lived” response.