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Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.
WHAT THE NZX50 IS DOING
The NZX50 is up +0.8% so far today. This means it is down -1.3% over the last five days, up +1.2% over from this time last month.
THE MAIN GAINERS
Today there are a total of 40 gainers. The leader of the NZX50, Fisher and Paykel Healthcare (FPH, #1) is today's biggest gainer up +10%. FPH provided more guidance to their 1H25 results today. "This year to date has begun strongly across all products and regions" resulting in increased full year guidance. FPH now sits at +6.4% over the last five days and up +7.5% from this time last month. The next biggest gainer today is Property for Industry (PFI, #27) up +1.5%, followed by Oceania Healthcare (OCA, #38) at +1.2%.
THE MAIN DECLINERS
There are currently 41 decliners, the worst is from Spark (SPK, #6) who are currently down -8% from this time yesterday, down -6% over the month. Fletcher Building (FBU, #17) has the next biggest decline down -6.7% from this time yesterday. Outside of the NZX50 Synlait Milk (SML) is down -4.8%.
THE KEY ANNOUNCEMENTS
Market operator NZX (NZX, #44) announced H1 2024 results showing "ongoing strength through economic & market cycles". Group earnings are up +12% at a year on year basis now $22.4 mln. Underlying net profit after tax (NPAT) is up +10.9% now $8 mln. NZX50 Chief executive Mark Peterson described the underlying earning results as "the benefit of having interrelated businesses and a diverse range of offerings available for companies to access capital".
Fonterra has lifted its forecast Farmgate Milk Price midpoint by 50c to $8.50 per kgMS. CEO Miles Hurell said that the announcement reflects the recent lift in GDT prices, whilst also reflecting the strength of the Co-op's balance sheet.
Fletcher Building (FBU, #17) acknowledged today the media reports in Australia where a Western Australian home builder (BGC) intends to file legal proceedings against its subsidiary, Iplex Pipelines Australia, relating to their Iplex Pro-Fit Pipe issues. No further comments have been made by Fletcher Building or Iplex Pipelines.
THE ANNUAL REPORTS RELEASED
ANALYST COMMENT
Nikko AM's Michael De Cesare said Spark had to do much better with both its cost control, and its forward guidance. But he also saw significant opportunity for the company in data centres. He noted that Spark have "increased their ambition regarding data centres. The NZ industry is in its relative infancy compared to Australia, and even more so versus further afield (Europe, US etc). The industry was already growing at a fast rate yet has recently experienced an acceleration based on additional demand from companies involved in Artificial Intelligence services. The provision of data centre solutions is a lucrative business when done well and SPK has some credibility and experience in this space. If the NZ industry grows as forecast and SPK execute well, then this could become a valuable business with passage of time."
SECTOR HIGHLIGHT
NZX50 Industrial Sector
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2 Comments
Double hit for Fletchers today - not just the Iplex issues, Comcom are going after them for Winston Wallboards historic volume rebates.
https://www.nzx.com/announcements/436706
Really being dragged through the mud at the moment.
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