A2 Milk rose 0.3 per cent to $11.39. Yesterday, the company announced it had lifted annual sales 68 per cent, just beating the guidance given in May, and said it expects to maintain an earnings margin of about 30 per cent in the coming year even with increased spending.
"It's actually been volatile both days on the back of that," Price said. "It has been an absolute rockstar, they have reaffirmed guidance at the top end of the range but have been careful in tempering people from extrapolating too much out, and have highlighted they will be spending a lot more to continue to grow the business, all sensible stuff."
Chorus gained 0.2 per cent to $4.38. It lifted its fibre connections 9.9 per cent in the June quarter, putting the ultra-fast broadband lines on an equal footing with its ADSL copper connections.
Tourism Holdings was the weakest performer, dropping 2.3 per cent to $6.07. Fisher & Paykel Healthcare dropped 1.1 per cent to $14.80 and Westpac Banking Corp fell 1 per cent to $32.27.
CBL Corp, which is suspended from the NZX, has seen its chair John Wells resign alongside two other directors after the Financial Markets Authority said it was concerned the failed insurer had breached disclosure and reporting rules and directors hadn't met their fiduciary obligations.
The FMA is working with the Reserve Bank and Serious Fraud Office in investigating the insurer after prudential supervisors in New Zealand and Ireland sought interim liquidation orders in their respective jurisdictions.
It said the insurer potentially breached Financial Markets Conduct Act and Companies Act rules around initial public offering disclosure, continuous disclosure as a listed entity, financial reporting, and directors' duties. It also said it's considering Deloitte's role as auditor of the firm.
Outside the benchmark index, Future Mobility Solutions gained 7.7 per cent to 14 cents. It said it won a High Court copyright infringement suit against rival boatbuilders that had used technology from its Sealegs amphibious boats.
