How S&P/NZX50 Performed?

On July 9, 2020, S&P/NZX50 ended the session in red as the index witnessed a fall of 2.30% to 11,441 while S&P/NZX20 fell by 2.52% to 7,624. On the same day, S&P/NZX10 encountered a fall of 3.03% to 12,076.

On July 9, 2020, S&P/NZX All Utilities ended the session in red as there was a fall of 8.26% while S&P/NZX All Materials rose by 1.57%. We will now have a look at the performance of some individual stocks.

The share price of ikeGPS Group Limited (NZX: IKE) rose by 4.29% on an intraday basis to NZ$0.730 per share. On the other hand, the stock of Geneva Finance Limited (NZX: GFL) fell by 11.90% to NZ$0.370 per share.

The following image provides a broad overview as to how the share price of IKE has trended in the span of 90 days:

Stock Performance (Source: NZX)

SUM Releases Guidance For 1H FY 2020

Summerset Group Holdings Limited (NZX: SUM) came forward and notified the market that underlying profit for six months to June 30, 2020 is anticipated to be in the range of NZ$40 Mn- NZ$45 Mn. Relative to 1H FY 2019 underlying profit, the guidance is between 6 percent and 16 percent lower, which reflects significant impacts of coronavirus. The company is on-track to reach the revised year-end build target of 300-350 new retirement units, down from 400 before coronavirus pandemic.

AUG Ended the Session in Green

On 8 July, Centuria New Zealand Holdings Limited made an announcement that its takeover offer for all the shares in Augusta Capital Limited (NZX: AUG) is now unconditional. Takeover offer is made up of $0.22 in cash as well as 0.392 Centuria shares per Augusta share. As at close of trading on July 8, implied offer price stood at NZ$0.94 for each Augusta share.

On July 9, 2002, the stock price of AUG rose by 0.53% on an intraday basis to NZ$0.940 per share.

Contact Energy Ended the Session in Red

The CEO of Contact Energy (NZX: CEN), Mike Fuge, stated that Rio Tinto’s intention to effectively close New Zealand’s Aluminium Smelter (“NZAS”) by giving notice of 14 months on their electricity contract with Meridian Energy is disappointing.

The stock price of Contact Energy ended the session in red as there was a fall of 13.95% on an intraday basis to NZ$5.800 per share.

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