Shane Solly, portfolio manager with Harbour Asset Management, said the index swings were the combination of Infratil\u2019s $500m sell-down in Contact Energy shares and the start of the latest reporting season.<\/p>\n
\u201cThe market was nervous about the earnings results, but so far, they have been constructive \u2013 we haven\u2019t seen any disappointing ones.<\/p>\n
\u201cOceania Healthcare had a solid update<\/a> with a good turnaround in activity, good cost control and good cash generation,\u201d Solly said.<\/p>\n \u201cThe retirement village sector has been beaten up as the market has been anxious about whether the operators can sell down units in a tougher sales environment.<\/p>\n \u201cWell, the team at Oceania showed you can, and they have done a lot of work to improve performance. They haven\u2019t been waiting for the housing market to improve \u2013 they\u2019ve built a business that can perform in tough times,\u201d Solly said.<\/p>\n Oceania increased 6c or 9.23% to 71c after reporting a 3% increase in full-year revenue to $267.14m and a fall in net profit to $119,000 from $30.4m, reflecting lower property revaluation.<\/p>\n Operating earnings (ebitda) rose 20% to a record $97.7m, and net debt was reduced by $121.4m to $506.7m. Oceania\u2019s net tangible assets per share were $1.62, up 7.3%. Sales volumes reached 603 units, up 16%, with a gross value of $375m.<\/p>\n Fellow retirement stocks Summerset rose 39c or 5.34% to $7.70, and Ryman Healthcare gained 13c or 6.34% to $2.18.<\/p>\n Oceania\u2019s share price is down 24% so far this year. Ryman, which reports on Tuesday, has declined 26%, and Summerset has fallen nearly 36%.<\/p>\n \u201cThe Ryman release will be the proof in the pudding for the sector,\u201d Solly said.<\/p>\n On Wall Street, the Dow Jones Industrial Average reached a new high after increasing 0.55% to 50,285.66 points.<\/p>\n Brent Crude oil was down to US$104.70 (NZ$178.17) a barrel (5.45pm NZ time) as markets waited expectantly for a resolution to the US-Iran war.<\/p>\n Local stocks<\/p>\n At home, Mainfreight increased $2.38 or 4.27% to $58.13 ahead of its latest result on Thursday.<\/p>\n Serko was up 9c or 5.81% to $1.64; Tourism Holdings increased 18c or 8.96% to $2.19; AFT Pharmaceuticals gained 8c or 2.11% to $3.88; Hallenstein Glasson added 21c or 2.15% to $10; and Delegat Group improved 9c or 2.42% to $3.81.<\/p>\n Infratil, reporting on Tuesday along with Fisher & Paykel Healthcare, was unchanged at $15.90. Fisher & Paykel was up 26c to $34.10.<\/p>\n Solly said there was talk that American investment firm Bain Capital will make an A$800m (NZ$972.7m) bid for Qscan, in which Infratil holds a 57.2% shareholding.<\/p>\n \u201cIf that happens, Infratil would get another windfall of A$450m, and would have raised nearly $1 billion after selling down its Contact shares \u2013 not a bad week\u2019s work.<\/p>\n \u201cThat money would support growth in Infratil\u2019s data centre and renewable energy investments.\u201d<\/p>\n Turners Automotive<\/a> was down 18c or 2.1% to $8.40; Tower declined 6c or 3.12% to $1.86; and Vista Group shed 5c or 2.15% to $2.28.<\/p>\n Fletcher Building, up 5c to $3.06, told the market the sale of its construction division to Paris-based VINCI will be completed on May 29<\/a> at an increased price of $334m, up from $315.6m.<\/p>\n The sale price rose after Higgins Contractors signed the East Waikato, Bay of Plenty, and Hawke\u2019s Bay integrated delivery contracts.<\/p>\n Investore, which owns bulk retail buildings, was up 2c or 1.94% to $1.05 after earlier reporting a 5.15% increase in revenue to $65.45m and a 17.33% drop in net profit to $31.7m for the 12 months ending March.<\/p>\n The portfolio value increased 14% to $1.1b, and net tangible assets per share were $1.62, up from $1.160.<\/p>\n Elsewhere in the sector, Property for Industry was up 11c or 4.72% to $2.44, and Kiwi Property was up 0.53% to 94c.<\/p>\n