Investors cheered by Briscoe's optimism for rest of the year
Briscoe Group edged up 0.2% to $5.61 after the retailer said it would report a 4% decline in first-half profit from the prior period's $47.5 million. However, managing director Rod Duke said he was optimistic about the second half of the financial year and said the company should still be able to beat last year's record net profit of $87.9m.
Other retailers were mixed. Hallenstein Glasson rose 0.2% to $5.35 while KMD Brands fell 1.8% to $1.09 and Warehouse Group declined 0.9% to $3.42, while hospitality operators Savor was unchanged 45 cents and Good Spirits Hospitality rose 2% to 5.2 cents.
A2 Milk extended its gains, up 2% at $5.58. Earlier this week, A2 noted media speculation that it was nearing approval from the US Food and Drug Administration but said its application to sell infant formula in the US was still being reviewed.
Both A2 Milk and Fonterra submitted their application in late May. Neither has been approved to date. Fonterra Shareholders' Fund units were unchanged at $2.95.
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