Michael Hill storms higher on positive earnings upgrade

The S&P NZX50 was up 0.4%, or 52 points, at 12,940.42 on the first day of trading since Dec 24, with financial stocks taking their cues from across the Tasman. Turnover was $135 million.

Trading closed before the Ministry of Health said a border-related case of omicron was briefly active in the community. The person was in Auckland's CBD on Dec 26 and 27 before testing positive on day nine of their self-isolation period. A number of close contacts have been identified and have returned negative tests so far.

Dual-listed Michael Hill jumped 11.4% to $1.37 after it said it expects to deliver first-half earnings “well above” the A$44.6m it posted a year earlier, having been able to open all stores through the Christmas period.

“It was a positive update, which is fantastic. It has been upgrade after upgrade for those guys and the share price has performed accordingly,” said Hobson Wealth director Brad Gordon.