Rakon bounces back but NZ shares fall
Mon, 28 May 2012 7:38p.m.
New Zealand shares fell, led by Fisher & Paykel Healthcare, as the company met analysts to discuss its annual results and an outlook that has disappointed some investors.
Rakon bounced back from its lowest level this year.
The NZX 50 Index rose 23.97 points, or 0.7 per cent, to 3462.25.
Within the index, 30 stocks fell, 16 rose and four were unchanged.
Turnover was $102 million on a day when US markets will be closed for the Memorial Day holiday on Monday.
F&P Healthcare, which gets more than 50 per cent of sales in US dollars, fell 4.8 per cent to $2.18.
Last week it posted an annual profit gain that was inflated by a one-time tax charge in the previous year.
Profit of $64.1 million is within the $62 million-to-$70 million range it has forecast for 2013.
"Fisher and Paykel Healthcare has been out there presenting to analysts again - our analyst hasn't downgraded it too far but I am picking someone else has," said Greg Easton, investment adviser at Craigs Investment Partners.
Fisher & Paykel Appliances, once part of the same group as the healthcare company, fell 3.7 per cent to 52 cents.
Xero rose 3.8 per cent to $4.15 after the cloud-based accounting system launched a new payroll service for Australian customers after buying the Paycycle business last year for $A1.5 million in stock and cash.
Chief executive Rod Drury said the new offering was "the most significant development for Australian customers" since Xero launched there in 2008.
"Its potential is huge," Mr Easton said.
"The people who are interested are the ones using it - they can see its potential."
Energy Mad jumped 10 per cent to 55 cents after the energy efficient light bulb maker posted an annual loss of $1.1 million, falling short of the $2.1 million profit forecast in last year's initial public offering documents.
Post a Comment
Before commenting, please take the time to read our moderation guide
(Won't be published)
A high speed test has been launched in Moana, in the Lake Br...
Auckland, our biggest city, is forecast to grow by up to ano...
The Whakatane Beacon has joined the Ashburton Guardian and t...
The Govt says it's hypocritical of the Greens to criticise t...
The International Monetary Fund has called on Britain to do ...
Copyright © 2013 MediaWorks TV. All Rights Reserved.