It yesterday lifted revenue and earnings guidance for the year to March 31, not including any potential refund of US tariffs paid to date in the 2026 financial year.
News
In the news, Property for Industry, up 1.35% to $2.26, guided for a full-year 2026 cash dividend of 9.05 cents a share, up 5.2% on the year. Its first-half, after-tax profit was $46.94 million, up from $28.76m.
“I think they’ve kind of soft-signalled that things are progressing well, and tried to show management’s confidence,” Singh said.
Mercury NZ, up 2.44% to $6.30, lifted underlying interim earnings, statutory profit and dividend on the back of strong hydro and lower costs.
Among the other gentailers, Meridian Energy was up 2.32% to $5.74 and Contact Energy added 1.19% to $9.33.
Genesis Energy – after yesterday’s rise in first-half earnings and news of its $400m raise – soured 1.24% to $2.38.
“The theme’s been the same with the gentailers: much improved earnings from a tough period a year ago,” Singh said.
Elsewhere
ANZ Holdings was up 1.42% to $47.99. In Australia, the parent company’s former ANZ chief executive, Shayne Elliott, has quit his high-profile legal action against the lender, the bank said.
Scales was another notable mover, up 1.12% to $6.30 as it continued to go from strength to strength on positive sentiment, Singh said.
In other market news outside the top 50 stocks, NZME rose 3.54% to $1.17 on reporting an after-tax net profit of $13.1m for the year to December, reversing the prior year’s $16m loss and maintaining a final dividend of 6 cents a share.
Vulcan Steel, down 0.13% to $7.90, said cost pressure remained as it increased sales but posted a decline in interim net profit to $8.3m, from $9.2m.
PGG Wrightson was 0.86% lower at $2.30 as it posted a first-half net profit after tax of $17.3m, up 8% on the year. Revenue was up 9% to $619.4m.
Elsewhere, the S&P/NZX 10 closed up 1.03% or 133.991 points to 13,101.44, and the S&P/NZX 20 added 0.89% or 68.202 points to 7695.970.
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