Positive Gentrack result gives sharemarket a boost
After reaching a morning low of 11,661, the S&P/NZX 50 Index closed at 11,720.8, up 35.92 points or 0.31% – despite two further earnings downgrades, this time from Michael Hill and Comvita.
There were 74 gainers and 64 decliners on the main board with 28.5 million shares worth $97.55m changing hands.
Mark Lister, investment director with Craigs Investment Partners, said the market has had a string of “not-so-good announcements, and it was nice to see one go the other way with Gentrack’s upgrade".
“With a bit of luck, it’s a reminder to investors that among all the results over the next two weeks, there will be some good news from companies which are performing like Gentrack.
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