NZ shares rise with Mainfreight on track
Wed, 30 May 2012 8:34p.m.
New Zealand shares rose, led by Mainfreight after the nation's biggest road transport company posted record sales and earnings even as its European business struggled.
The NZX 50 Index edged up 3.05 points, or 0.1 per cent, to 3481.34.
Within the index, 24 stocks rose, 14 fell and 12 were unchanged. Turnover was $92.9 million.
Mainfreight rose 3.2 per cent to $9.76 after reporting annual net profit more than tripled to $80.5 million while sales climbed 35 per cent to $1.81 billion, driven by trading in New Zealand and Australia.
Its Netherlands-based Wim Bosman business missed an earn-out target and Mainfreight wrote back the value, which was 10 million euros.
"They delivered - New Zealand was strong and drove things up," said Shane Solly, portfolio manager at Mint Asset Management.
Restaurant Brands fell 1.9 per cent to $2.11 after the fast-food operator reported a 2.7 per cent fall in first-quarter sales to $70.6 million.
Fletcher Building rose 0.2 per cent to $6.26 and Steel & Tube fell 0.9 per cent to $2.18 after government figures showed a dip in issuance of new housing consents in April from a month earlier.
New Talisman Gold Mining climbed 13 per cent to 1.8 cents apiece after it said it will start out with $9.24 million in equity on the development of the Talisman gold prospect on the Coromandel Peninsula.
Ecoya was unchanged at $1.10 after the scented candle and skincare products company made a maiden operating profit of $204,000.
Including the impact of earn-outs on its Trilogy acquisition and non-recurring accounting adjustments, it posted an annual loss of $218,000.
OceanaGold fell 2.5 per cent to $2.34. Spot gold fell to $US1,550.06 an ounce.
SmartPay jumped 39 per cent to 12.5 cents after the eftpos terminal company said it raised $13 million in new equity capital and secured $25 million of bank facilities.
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