Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:05 pm and may change when the market closes at 4:45 pm.
WHAT THE NZX50 IS DOING
The NZX50 is down -0.5% so far today. That means it is down -0.6% over the past five days, up +1.5% from this time last month.
THE MAIN GAINERS
There are a total of 46 gainers today, with the biggest from a2 Milk (ATM, #10) up +1.6% from yesterday. ATM also announced today their support for former NZX50 company Synlait milk (SML) and their equity raise. Synlait Milk also happens to be today's biggest gainer outside of the NZX50, up +16%. The next biggest rise is Meridian Energy (MEL, #2) with a gain of +1.0%.
THE MAIN DECLINERS
There are 41 decliners so far today with the biggest coming from Sky Network Television (SKT, #46) down -4% from yesterday, Sky Network also released their FY24 results today. Serko (SKO, #41) is the next biggest decliner down -3% for the day. Following closely was Mainfreight (MFT, #7) down -2% from yesterday.
THE KEY ANNOUNCEMENTS
Today Synlait Milk released a notice of meeting to their shareholders, where they are currently seeking approval for the placement of new shares. This would mean that the Bright Dairy Holdings Limited (Bright) would have a shareholding of 65.25%, currently they own 39.01%.
Investore Property (IPL, #40) released their FY25 first quarter dividend today, which will be 1.625c per share and paid in September this year. The Board confirmed that they're targeting an annual cash dividend of 6.50 cents per share for FY25.
THE ANNUAL REPORTS RELEASED
There were three annual reports released today:
ANALYST COMMENT
Sky Network Television:
Nikko AM's Mike Sherrock noted the result was within their previous guidance range albeit towards the bottom end. "Key for me is maintaining their FY26 targets (apart from revenue) which drives a dividend of at least 30cps. Past peak capital expenditure which helps drive good cashflow (supporting dividend growth)". The delivered 19cps dividend for the year (slightly better than expected) and they have announced at least 21cps for FY25. "This is an "acceptable result given tough economic backdrop," he said.
Fletcher Building:
Sherrock also commented on FBU saying: “With EBIT at the lower end of already revised-down guidance and the expectation of a further drop in market volumes in the Materials and Distributions businesses in the next financial year, today’s results are a clear indication of how tough it is out there for Fletcher Building and others in the slowed-down construction and building sector. The fact that they are exploring capital partnerships for the residential and development divisions indicates concern around the balance sheet with a further earnings decline moving leverage above their target range“.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.