Reporting season on track; Sky City signals growth ahead
The S&P/NZX 50 Index decreased 5.01 points, or 0.05 percent, to 10,849.76. Within the index, 18 stocks fell, 25 rose, and seven were unchanged. Turnover was $137.6 million.
SkyCity decreased 1 percent to $3.97, with 570,000 shares changing hands, less than its 90-day average of 789,000. The casino operator reported a 1.9 percent lift in normalised earnings, which smooths out the impact of big wins by its high rollers. Those wealthy international players had a good year at the casino operator's expense, helping push down net profit 15 percent.
"It was okay - there were no major surprises in there and the guidance for next year was for some growth," said Mark Lister, head of private wealth research at Craigs Investment Partners.
"It's reasonable. It looks like the new financial year has started pretty well with most of the properties trading in line with expectations."
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