\u2018A high-quality company\u2019<\/p>\n
Greg Smith, investment specialist with Generate, said Fisher & Paykel was one of the few Australasian healthcare stocks that hadn\u2019t been hammered \u2013 \u201cThat\u2019s not to say it will happen\u201d.<\/p>\n
Cochlear, which supplies hearing devices, has plunged 48% in the past two trading days and at 6pm NZ time was trading at a 10-year low of A$92.11 ($111.90) after cutting its net profit guidance to A$290m-A$330m, from A$435m-A$460m.<\/p>\n
Cochlear, a blue-chip stock on the ASX 200, has lost nearly 70% of its value this year.<\/p>\n
Biotechnology multinational CSL had declined a further 4% to a nine-year low of A$128.67 after also providing profit warnings.<\/p>\n
Smith said the Australian stocks were trading at less than 20 times earnings, and Fisher & Paykel is at 40 times. \u201cFisher & Paykel is a high-quality company, but maybe there is an awareness of the major slip-ups and downgrades in the sector.\u201d<\/p>\n
The S&P\/ASX 200 Index was down 0.67% to 8784.4 points in afternoon trading.<\/p>\n
Smith said markets were still driven by soundbites on the Middle East situation. \u201cThey are on tenterhooks but are still taking a glass-half-full approach to a peace settlement in Iran.\u201d<\/p>\n
Brent Crude oil was back over US$100 ($169.83) a barrel for the first time in two weeks, trading at US$103.2 (6pm NZ time).<\/p>\n
On Wall Street, the S&P 500 and Nasdaq Composite hit new highs after rising 1.05% to 7137.9 points and 1.64% to 24,657.57, respectively. The Dow Jones Industrial Average was up 0 0.69% to 49,490.03 points.<\/p>\n
Local stocks<\/p>\n
At home, the retirement stocks had a strong rebound with Summerset gaining 26c or 3.23% to $8.31, and Ryman Healthcare increasing 10c or 4.76% to $2.20 after a broker\u2019s upgrade.<\/p>\n
In the technology sector, Gentrack was up 15c or 2.42% to $6.35; Eroad was down 3c or 3.06% to 95c; and Blackpearl Group fell 6.5c or 7.3% to 82.5c.<\/p>\n
Channel Infrastructure gained 8c or 2.75% to $2.99, while Scott Technology declined 12c or 5.04% to $2.26, and The Warehouse decreased 3.5c or 4.73% to 70.5c.<\/p>\n
Genesis Energy, up 4c or 1.75% to $2.33, followed Mercury in upgrading its full-year operating earnings<\/a> (ebitdaf) guidance to $515m-$545m, from $490m-$520m, because of improved hydro generation and more favourable wholesale market conditions.<\/p>\n Genesis said national lake levels were currently sitting at 117% of average, and hydro generation was up 264GWh to 745GWh in the third quarter compared with the same three months last year.<\/p>\n Thermal generation was down 716GWh to 236GWh because the Unit 5 gas turbine at the Huntly Power Station was largely offline, with available gas redirected to higher-value industrial customers.<\/p>\n Vector gained 6c to $4.93 after reporting a 2% increase in new electricity connections to 9670 for the nine months ended March, and total connections were 639,473, up 1.5% on the previous corresponding period.<\/p>\n But new gas connections fell 50% in the nine months, with a net reduction of 399 customers, and gas distribution volume was down 2.3%. The electricity volume distributed was 2% to 6575GWh.<\/p>\n Heartland Group, up 0.005c to $1.15, told the market it was on track to deliver a return on equity<\/a> of at least 7% and net profit of at least $85m for the 2026 financial year ending June.<\/p>\n The dual-listed banking group said reverse mortgages were performing strongly in NZ and Australia, and the motor and asset finance divisions returned to growth in the third quarter ending March.<\/p>\n NZX, unchanged at $1.40, told shareholders at the annual meeting that first-quarter revenue increased 5% to $32.7m and operating earnings were up 0.2% to $12.9m. The exchange confirmed full-year operating earnings guidance at $53m-$58.5m, but likely to be at the lower end of the range.<\/p>\n Locate Technologies, up 0.003c or 14.29% to 2.4c, reported a 15% increase in revenue<\/a> to $1.8m at the end of the third quarter, and operating earnings (ebitda) of $167,000, the first positive quarter for the company.<\/p>\n Pole monitoring firm ikeGPS increased 5c or 4.63% to $1.13 after reporting a 33% rise in subscription revenue<\/a> to $19.2m and total revenue of $26.6m, up 6%, for the 12 months ending March.<\/p>\n