On June 2, 2020, S&P/NZX50 ended the session in green as the index witnessed an increase of 1.39% to 11,034 while, on the same day, S&P/NZX20 rose by 1.35% to 7,411. Notably, S&P/NZX10 witnessed an increase of 1.23% to 11,484.
S&P/NZX All Materials witnessed an increase of 6.47% while S&P/NZX All Consumer Staples ended in red as there was a fall of 1.01%. We will now have a look at how the individual stocks have performed.
On June 2, 2020, NZME Limited (NZX: NZM) and Tourism Holdings Limited (NZX: THL) ended the session in green as the prices of these stocks witnessed a rise of 13.07% and 11.93%, respectively on an intraday basis. On the other hand, SeaDragon Limited (NZX: SEA) witnessed a fall of 20% on an intraday basis to NZ$0.040 per share.
Abano Healthcare Group Limited Releases Market Update
After easing of coronavirus restrictions in ANZ in mid-May 2020, Abano’s dental practices in both the countries have re-opened and they are offering full range of dental services.
The company stated that marketing and customer communications have restarted, and patient numbers are increasing.
As per the release, patient appointments as well as revenue generated has been higher when compared to initial expectations in the first 2 weeks since re-opening. The company’s management continues to focus towards longer term business as well as network optimisation initiatives in ANZ.
The company also stated that the business would be making full recovery to pre-COVID-19 earnings levels over time. However, clarity could not be given on how long this would take.
Considering the uncertainty of the full extent of coronavirus impact on financial performance as well as timeframe to recovery, the company added that it remains unlikely that dividends would be given with respect to FY 2020 or FY 2021.
MFT Announces Resignation of Director
Mainfreight Limited (NZX: MFT) has recently made an announcement that Sue Tindal would be resigning from MFT’s Board. As per the release, Sue joined the company’s Board on January 1, 2017, with broad international experience in energy, financial services, and IT sectors.