Shane Solly, portfolio manager with Harbour Asset Management, said the reporting season is coming to an end and “we have seen more earnings upgrades than downgrades – actually, it’s two to one and that’s the first time for a while”.
He said that confirmation of the reporting season and the move by the Reserve Bank to keep the official cash rate unchanged has brought support back to the market.
“There have been some better-than-expected results and measured outlooks. No one is talking about the economy roaring away but businesses are controlling costs better and producing quality earnings.”
Confidence dips
The ANZ-Roy Morgan Consumer Confidence Index however, fell from 107.2 to 100.1 in February, more than unwinding January’s sharp rise.
“While there is still residual support coming through from past monetary easing, stagnant house price momentum, a loose labour market, and lingering cost-of-living pressures mean it’s still tough going out there for many households,” said ANZ Research.
Hallenstein Glasson up
Transtasman clothing retailer Hallenstein Glasson rose 33c or 3.38% to $10.10 after revealing preliminary results that showed total sales for the six months ending February 1 increased 14.6% to $275.2m.
Net profit is expected to be $39.3m-$39.8m, up 32.1% on the previous corresponding period ($29.9m).
Cinema software management company Vista Group surged 18.5c or 10.85% to $1.89 after forecasting 10-13% growth in revenue to $176m-$182m for the 2026 financial year.
Vista said it has secured major commitments to Vista Cloud including 312 Odeon sites, Kinepolis (109) and Village Cinemas Australia (24 sites).
For the 2025 financial year, Vista reported a 9.5% increase in revenue to $164.3m and net profit of $2.6m. Operating earnings (ebitda) were up 31% to $28.2m.
Port buoyant
Port of Tauranga increased 15c or 1.9% to $8.05 after increasing full-year net profit guidance to $142m-$152m as it reported revenue of $244.13m, up 8.5%, and profit of 70.21m, up 16.6%, for the six months ending December
The port company is paying an interim dividend of 8c a share on March 20.
Container volumes increased 2.6% to 607,114 TEUs (20-foot equivalent units) for the half year, imports were up 5.3% to 4.7m, and exports decreased 1% to 7.9m tonnes, reflecting lower log and dairy volumes.
Summerset down
Retirement village operator Summerset was down 5c to $10.66 after reporting a 13% increase in revenue to $361.77m and a 21.8% decrease in net profit to $259.72m for the 12 months ending December.
Summerset said the profit fall was largely driven by the impact of lower median house prices on revaluations of the company’s portfolio. It is paying a final dividend of 13.2c a share on March 26.
Summerset’s total annual sales of 1560 were up 26%, with 805 new and 755 resales. It now has 5499 new homes and 1173 care homes in New Zealand and Australia.
Seeka gained 13c or 2.56% to $5.21 after reporting a 6.9% increase in annual revenue to $439.6m and net profit of $31.96m, a turnaround of 265%. It is paying a final dividend of 25c a share on April 15.
The Te Puke-based company said it benefited from an excellent kiwifruit growing season that delivered a record 47.1m trays. Fruit quality was high.
Channel dips
Channel Infrastructure decreased 3c to $2.88 after reporting steady revenue of $140.18m and a 19% fall in net profit to $20.94m for the year ending December. It is paying a final dividend of 6.75c a share on March 26.
The company said its plan for growth was centred on delivering the Marsden Point Energy Precinct which will be transformational for Northland.
Channel is expecting operating earnings (ebitda) of $95m-$100m in the 2026 financial year compared with $93.4m in the year just completed. This includes jet fuel growth of 2%.
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