It reported a 10.6% increase in revenue to $78.1 million while net profit after tax rose 40.8% to $20.2m, however, this included a one-off insurance settlement of $7.5m related to damage and business interruption from Cyclone Gabrielle.
Shares in Napier Port rose by 6.69% to $3.03, up 19c, with 719,116 shares trading hands to the value of $2,178,615.84.
Devon Funds head of retail Greg Smith said he sees big things ahead for the business.
“They’ve upgraded their earnings guidance, so container volumes are up strongly, logs are going well too. It seems like they’ve somehow been able to get less road freight and more ship freight,” Smith said.
“They’ve obviously announced a special dividend which has gone down very well with investors.”
Smith also thought the business was on track for inclusion in the NZX’s key index.
“I believe with Manana Energy exiting that they are the front runner to get included in the NZX50, or a front runner along with Briscoes.”
Elsewhere Ryman Healthcare saw its share price rise 2.46% to $2.50, up 6c, with 3,365,422 shares trading hands to the value of $8,266,976.71.
“They’ve got results next week. The balance sheet’s obviously been cleaned up, but investors may be holding their breath a little bit.
“Investors are looking for a bit more clarity around the growth path, but perhaps giving them the benefit of the doubt.”
Conversely, Comvita saw its share price fall 9.52% to $0.57, down 6c, with 73,597 shares trading hands to the value of $41,955.04.
Looking ahead to Budget Day tomorrow, Smith said he expected it to have an austere tone.
Wall Street stocks retreated Tuesday as markets tracked congressional debate on President Donald Trump’s tax cut proposal while monitoring US Treasury yields.
Major indices spent the entire session in negative territory as the S&P 500 finished lower after six straight positive sessions.
“The main driver is a consolidation day,” said Briefing.com analyst Patrick O’Hare. “The market has just been so red hot.”
The Dow Jones Industrial Average finished down 0.3% at 42,677.24.
The broad-based S&P 500 shed 0.4% to 5,940.46, while the tech-rich Nasdaq Composite Index also fell 0.4% to 19,142.71.
Trump visited Capitol Hill Tuesday, where he faces challenges to unify a House Republican caucus that includes lawmakers from high-tax North-eastern states seeking a bigger tax deduction and members who are worried about increasing the deficit.
Investors have also been fixated on higher yields in the Treasury market. Moody’s highlighted the deficit last week in a downgrade of the US credit rating.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
