New Zealand stock jumped 20% today


New Zealand’s main stock index broke a three-day drop after US markets posted modest gains overnight and software company Gentrack jumped 20%.

Thursday September 30, 2021, 6:50 p.m.

by BusinessDesk

The S & P / NZX 50 Index gained 154 points, or 1.2%, to 13,275.76. Turnover was $ 220.9 million, higher than usual as investors rebalanced their portfolios at the end of the month.

Australasian markets outperformed other global trading indices on Thursday, fueled in part by soaring gas and coal prices – two key Australian exports.

Banking and mining stocks rallied on the ASX, dragging most other stocks and the New Zealand market with them despite 10-year New Zealand bond yields exceeding 2% for the first time since 2019.

Double-listed stocks posted strong gains: A2 Milk Company rose 4.3% to $ 6.43, Pacific Edge climbed 3.4% to $ 1.53, and Westpac Bank rose 3.4% % to $ 27.16.

However, those climbs were offset by a 20% increase for software company Gentrack, which today improved its revenue forecast.

The utility software business lost significant customers at the end of 2019 and was forced to cut profits on several occasions. The stock’s shares fell and were eventually relegated out of the NZX 50 index.

Today, he told investors to expect profits of $ 12 million for the current year. This is $ 2 million more than previously stated as the company gains new business and expands into managed services.

After raising the revenue forecast for 2021 to $ 105 million, Gentrack also said he expected the group’s revenue for fiscal 2022, which begins in November, to be higher again.

The company’s shares jumped 20% to $ 1.85, after falling roughly the same amount since September 17, with investors worried the UK energy crisis could cause more collapses on its fragile market.

Summerset said it bought its fifth site in Melbourne, but this one is in the suburbs rather than the outskirts of the city like its other sites are, and it is also much smaller at 1.83 hectares. Shares of retirement village provider rose 1.3% to $ 15.19

Hallenstein Glasson shares fell 1% to $ 6.95 after the retailer asked for rent relief from all landlords for periods when stores were unable to trade, and confirmed that he stayed

Listed company NZX reported net profit of $ 33.3 million, a 20% increase from $ 27.8 million last year, with sales reaching $ 351 million in the last year. fiscal year ended in August, thanks to the strength of online sales.

Steel & Tube Holdings fell 2.8% to $ 1.03 as the foreclosure disrupted a strong first quarter, which saw sales increase 29% before being pushed back to zero.

Since Auckland moved to Alert Level Three, sales have gradually recovered and the company’s domestic operations are fully operational again.

The Kiwi dollar continued to decline and was trading at 68.74 cents US by 3pm in Wellington, against 69.46 cents yesterday.

“The NZD dropped more than 1% that day as investors chased USD gains amid safe-haven games and month-end rebalancing,” the OFX bureau de change said in a note.

The currency note said the US dollar index rose nearly three-quarters of a percent as uncertain economic growth and concerns about the US debt ceiling pushed investors into safe-haven assets. .

Rising global bond yields and a late reaction to the Fed’s hawkish commentary also helped support the US dollar’s gains.

Tags: Market Close

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