By late in the New Zealand day, Australia\u2019s S&P\/AX 200 index was slightly weaker but not far off 52-week highs.<\/p>\n
In the US, the main indices were mixed, the Dow finishing up 0.47%, the S&P 500 ending flat, and the Nasdaq easing 0.16%.<\/p>\n
\u201cIt\u2019s quiet Friday before the long [Labour] weekend,\u201d Salt Funds managing director Matt Goodson said.<\/p>\n
\u201cThere is very little market news. That said, there is a bid tone to the market.\u201d<\/p>\n
Goodson said the property stocks were starting to emerge from the shadow of Precinct Property\u2019s big capital raise, which saw investors lighten their holdings in some property stocks to participate in the Precinct issue.<\/p>\n
Precinct\u2019s $285m placement at $1.23 a share was fully subscribed. The $25m share purchase plan closes on Tuesday.<\/p>\n
S&P\/NZX Real Estate Select Index gained 30 points or 1.66% to finish at 1839.78.<\/p>\n
Air NZ ended flat at 60c despite receiving a couple of broker downgrades after the company announced this week that it expects report a pre-tax first half loss of $30-55m.<\/p>\n
Forsyth Barr\u2019s Air NZ rating went to \u201cunderperform\u201d from \u201cneutral\u201d on the news.<\/p>\n
The broker said the earnings downtrade highlighted the \u201cacute\u201d nature of its current challenges.<\/p>\n
Another broker, Jarden, cut its rating on Air NZ to \u201cunderweight\u201d from neutral.<\/p>\n
\u201cIt\u2019s been a remarkably tough period for them, in stark contrast to Qantas, which has gone from strength to strength over the same time, with Air NZ suffering from a mixture of the weak economy and its engine issues,\u201d Goodson said.<\/p>\n
Shares in Tourism Holdings (THL) gained a cent to $2.48 after today\u2019s annual meeting.<\/p>\n
In materials released for the meeting, the loss-making THL said that given the scale of its current transformation, it would not provide an earnings guidance.<\/p>\n
\u201cWe remain confident that we have turned a corner and expect a return to net profit growth in 2026,\u201d THL said.<\/p>\n
Goodson said the US rentals business was \u201cpretty tough\u201d for THL.<\/p>\n
\u201cBut they are seeing growth in their other markets and forward bookings for the rest of the financial year for New Zealand, Australia, and Canada are about 20% ahead of last year, which is encouraging,\u201d Goodson said.<\/p>\n
THL in August reported a $25.8m annual loss, compared with a $39.4m profit in the previous year.<\/p>\n
Vista\u2019s share price gained 10c or 3.65% at $2.84 after a positive earnings update but the stock was still a far cry from its $4 peak reached in March.<\/p>\n
Looking ahead, a number of annual meetings and special meetings are due next week.<\/p>\n
Rua Bioscience\u2019s AGM is set down for Tuesday, while meetings for Ebos and SouthPort are due on Wednesday.<\/p>\n
AGMs for Freightways, Mee Today and Move Logistics are due on Thursday, while Fonterra\u2019s special meeting to vote on the sale of its consumer business is due on the same day.<\/p>\n
On Friday, Sky City, Barramundi and Port of Tauranga hold their AGMs.<\/p>\n
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.<\/p>\n