NZ shares gain as Ebos, Air NZ earnings meet expectations
The S&P/NZX 50 Index increased 15.90 points, or 0.1 percent, to 10,725.22. Within the index, 31 stocks rose, 15 fell, and four were unchanged. Turnover was $215 million, of which Spark accounted for $101 million.
Three top-20 companies reported today, of which Air New Zealand beat earnings estimates and maintained dividend payments in the face of a slowing tourism market and more expensive jet fuel. Ebos reported flat annual earnings but signalled expectations for strong gains in the current year, while Auckland International Airport projected flat earnings as it invests more on infrastructure and copes with softer passenger growth.
Ebos hit a record $25.60, and ended the day at $25.20, up 2.9 percent on a volume of just 65,000 shares, about two-thirds of its 90-day average of 100,000 shares. Air New Zealand increased 1.5 percent to $2.77 on a volume of 1.6 million shares, while Auckland Airport fell 2.1 percent to $9.59 on a volume of 1.3 million.
"Ebos has been received well and that was pretty much in line," said Suzanne Kinnaird, a broker at Forsyth Barr. "The market as a whole is a wee bit buoyant today."
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