Matt Goodson, managing director of Salt Funds Management, attributed Infratil’s share price fall to the sharp rise the day before and slightly lower-than-expected earnings guidance.
“Infratil has a lot of moving parts and it was a complex result,” he said. “The guidance for One NZ and CDC data centres, which make up a lot of its business, was a touch lighter than what the bullish analysts expected.”
Manawa Energy, 51 per cent owned by Infratil, was down 20c or 4.5 per cent to $4.24.
Turners Automotive gained 12c or 2.93 per cent to $4.22 after reporting record earnings, with revenue increasing 7 per cent to $416.97m and net profit up 1.5 per cent to $32.97m for the 12 months ending March. Turners is paying a final dividend of 7.5c on July 26.
The auto retail division increased profit 27 per cent to $31.8m after opening two new branches. Turners said it is well placed to exceed its $50m profit target in the 2025 financial year and has set a new goal of $65m in the 2028 financial year.
Goodson said Turners, like other cyclical stocks, had been hard hit over the past few weeks but it was a savvy operator and the result showed the strength of its market position.
Fellow car dealers 2 Cheap Cars was up 2c or 2.56 per cent to 80c, and Colonial Motor Co was down 20c or 2.44 per cent to $8.
The market was underpinned by a2 Milk being up 17c or 2.35 per cent to $7.39, and Mercury Energy adding 12.5c or 1.95 per cent to $6.55.
Port of Tauranga gained 14c or 2.89 per cent to $4.99; Heartland Group increased 2c or 2 per cent to $1.02; ANZ Bank added 76c or 2.52 per cent to $30.94; and Arvida Group improved 4c or 4.17 per cent to $1.
Rakon was up 4c or 4.55 per cent to 92c; Argosy Property increased 5c or 4.67 per cent to $1.12; Comvita also gained 5c or 2.94 per cent to $1.75; and Eroad added 3c or 3.45 per cent to 90c.
Software firm Gentrack was up a further 6c to $9.50 after earlier reporting its best first-half result for the airports business with revenue increasing 49.4 per cent to $15.5m. Utilities (energy and water) revenue was up 17 per cent to $86.5m.
SkyCity Entertainment gained 3c to $1.76 after announcing an agreement with the Department of Internal Affairs over anti-money laundering breaches between 2018 and 2023.
SkyCity will pay $4.16m on approval by the High Court, and the casino operator is now paying a total of $77.16m in penalties for similar breaches on both sides of the Tasman.
Fisher and Paykel Healthcare was down 49c to $28.36; Fletcher Building decreased 8c or 2.68 per cent to $2.91; Stride Property fell 7c or 5.43 per cent to $1.22; and Investore declined 3c or 2.86 per cent to $1.02.
Michael Hill shed 3c or 5.45 per cent to 52c; KMD Brands was down 2.5c or 5.81 per cent to 45.5c; Delegat Group declined 19c or 3.55 per cent to $5.16; and Seeka decreased 12c or 4.94 per cent to $2.31.
Pacific Edge, down 0.007c or 6.86 per cent to 9.5c, reported a 22 per cent increase in full-year operating revenue to $29.3m, lifted by a 2 per cent rise in commercial Cxbladder test volumes in the United States market. Its net loss was $29.53m compared with $26.96m in the previous year.
Pacific Edge is still counting on Medicare funding coverage in the US with a decision expected by July 26.
