NZ shares flat but THL bounces on profit upgrade

The S&P/NZX 50 Index fell 11.93 points, or 0.1%, to 12,586.89 with the majority of stocks declining. Turnover was $141.6 million.

Movements in offshore markets were subdued overnight with limited moves across equity, bond and currency markets.

NZ’s share market was split between gainers and decliners, with Tourism Holdings making the largest move as it climbed 3.6% to $2.60.

The campervan rental firm had warned investors to expect a full year loss between $14m and $18m, but today said the net loss would “be on the lower side of that range”. Debt had been expected to climb as high as $90m but will be approximately $50m in the year ending June 30, largely due to a payment for new vehicles in the United States being pushed into the next financial year.