Harbour Asset Management portfolio manager Shane Solly said FPH had gained on the back of a positive earnings report from its main competitor, Australian-US firm ResMed, which reported a 9% increase in revenue for the first quarter.<\/p>\n
A number of annual meetings on the day offered investors some reassurance in a difficult market for most.<\/p>\n
Optimism<\/p>\n
\u201cToday is another day where maintaining conservative guidances seems to be the thematic coming through,\u201d Solly said.<\/p>\n
Beaten up casino operator SkyCity Entertainment Group told shareholders at its annual meeting that 2025 had been a difficult year and that 2026 was likely to be the trough.<\/p>\n
However, CEO Jason Walbridge said the company was positive about 2027, with the new NZ International Convention Centre likely to deliver a full year of events.<\/p>\n
SkyCity on target<\/p>\n
SkyCity reaffirmed its forecast of $190m to $210m in ebitda (earnings before interest, tax, depreciation and amortisation) for 2026.<\/p>\n
The stock ended half a cent higher at 73c – off its peak of 74.5c.<\/p>\n
\u201cThey (SkyCity) are saying they\u2019re not seeing any change in consumer spending, and you can read that in two ways,\u201d Solly said.<\/p>\n
\u201cIt\u2019s not getting worse, but maybe it\u2019s not getting better,\u201d Solly said.<\/p>\n
Port of Tauranga lifts<\/p>\n
Port of Tauranga ended 3c higher at $7.86 after its annual meeting.<\/p>\n
The company said its volumes for the first quarter were 6.6 million tonnes, up 5.9% on the same quarter last year. <\/p>\n
Total container volumes were 319,000 TEU (20 foot equivalents), up 9% on the same quarter last year.<\/p>\n
\u201cBased on the first quarter\u2019s results, and notwithstanding any significant changes to trading conditions, we expect full-year underlying earnings to be in the range of $137m to 147m,\u201d the company said.<\/p>\n
Solly said the port\u2019s update was a bit lower than market expectations.<\/p>\n
\u201cOn the one hand, they\u2019re saying volumes are probably better than what most folk in the market were expecting, but the guidance was below the mean of consensus expectations [$148.3m].\u201d<\/p>\n
Vulcan drops<\/p>\n
Vulcan Steel dropped 43c or 5% to $8.12 after its annual meeting, where it said its first quarter revenue was down 3% year-on-year, driven by a lower average selling price.<\/p>\n
Overall, the volume of activity for the group looked to be stabilising over the quarter, with the pace of recovery expected to strengthen in the second half, it said.<\/p>\n
\u201cThey\u2019re saying the thing that many businesses have been saying … it\u2019s a very uneven recovery in the economy, construction infrastructure is slow,\u201c Solly said.<\/p>\n
Tech company IkeGPS gained 8.5c to $1.26.<\/p>\n
Solly said the company looked to be on the radar screens of some Australia-based institutions.<\/p>\n
He pointed out IkeGPS had rallied by 38c since its last capital raise, which was done at 88c\/share.<\/p>\n