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
While the reporting season continues, the NZX50 is down -0.3% today. This puts the index up +0.8% for the month, up +5.8% for this year to date.
THE MAIN GAINERS
The NZX Mainboard currently shows a total of 42 gainers. Scales Corp (SCL, #39) released their H1-2024 results ending Jun 30, with impressive earnings. This result sees the company up +4.1% from this time yesterday. The second biggest gain comes from the NZX (NZX, #43) up +3.9%. And Tourism Holdings (THL, #42) finds themselves on the gainer list again up +3.5%, with yesterday's FY24 results showing the company just hitting their reduced profit margins.
THE MAIN DECLINERS
There are currently 34 decliners, the biggest by Vulcan Steel (VSL, #28) down -4%. This is no surprise as VSL's FY24 results showed a -15% drop in revenue but even worse was their net profit after tax (NPAT) down -55% from the previous 12-month period. Mercury Energy (MCY, #5) has todays second biggest decline down -2.8%, followed by Spark (SPK, #7) down -2.5%.
THE KEY ANNOUNCEMENTS
On the 22nd of August Fletcher Building (FBU, #18) acknowledged the legal proceedings of their subsidiary Iplex Pipelines Australia (Iplex AU) by Western Australian Home builder BCG. Today FBU announced that Iplex AU has now received the legal proceedings, and intend to defend them. There have been no further comments made since the announcement.
Michael Hill International (MHJ) has had their judgement passed down by the NSW Court of Appeal over the packaging dispute with Gispac Pty Ltd from 2014-2018. MHJ's liability for damages have been drastically reduced down to $359,858 from $2,259,971. Gispac has been ordered to pay for MHJ's cost of appeal. There's now a 28 day appeal period.
Scales Corp (SCL, #39) released impressive earnings in their interim results today. The companies NPAT attributing to shareholders is up 97% to $28.5 million, and their reported NPAT of $38.1 million is up 167% from their 1H23 NPAT. SCL Chair Mike Petersen said "It was satisfying to return to a more normal trading period, allowing the teams in each of the divisions to concentrate on the growth objectives in each of their respective businesses. As ever, our results are only achievable due to their effort and dedication every day."
Synlait Milk (SML) received a notice of complaint from Dr. John Penno in relation to the special shareholders' meeting being held on September the 18th. The complaint details that under the NZX listing rules and Takeover code, Bright and a2MC should not be able to vote on the two resolutions.
THE ANNUAL REPORTS RELEASED
SECTOR HIGHLIGHT
NZX50 Industrial Sector
Select chart tabs
Click on the chart title to find more about this sector, including its components.
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.