On July 23, 2020, S&P/NZX50 ended the session in red as the index witnessed a fall of 0.25% to 11,693 while S&P/NZX20 fell by 0.30% to 7,806. On the same day, S&P/NZX10 encountered a fall of 0.45% to 12,343.
S&P/NZX All Energy ended in green as there was a rise of 1.69% while S&P/NZX All Communications Services fell by 1.31%. We would now have a quick look at the performance of some individual stocks.
The share price of Steel & Tube Holdings Limited (NZX: STU) witnessed a rise of 5.45% to NZ$0.580 per share. On the other hand, the stock price of Good Spirits Hospitality Limited (NZX: GSH) fell by 5.26% on an intraday basis to NZ$0.090 per share.
The following image provides a broad overview as to how the share price of STU has trended in the span of past one year:
Stock Performance (Source: NZX)
A Recent Update on CAV
Cavalier Corporation Limited (NZX: CAV) has unveiled the new transformational strategy that firmly places it with an all-wool and natural fibres business model. It was added that financing options are presently being evaluated and would be communicated to the shareholders.
The company also mentioned that financial benefits of transformation strategy and return to profitable growth is anticipated from FY 2023 onwards, after an initial 12 to 24 months of investment, and full benefits are anticipated from FY 2025 onwards.
Notably, trading in June 2020 was stronger than was expected, mainly in wool sales, after the year on year reduction in sales volumes in March, April and May because of impact of coronavirus. Also, bank debt as well as inventory levels are at historical lows.
The stock price of CAV rose by 22.73% to NZ$0.270 per share on July 23, 2020.
OCA Posted Results For The Year To May 31, 2020
Oceania Healthcare Limited (NZX: OCA) came forward and reported steady underlying earnings before interest, tax, depreciation and amortisation of $63.5 Mn for the year to May 31, 2020. This result was achieved despite the fact that the company was unable to sell retirement village units during final quarter of the financial year because of Government lockdown.
The company’s operating revenue witnessed a rise of $7.0 Mn (3.7%) because of increased aged care occupancy, higher income from premium rooms as well as increased income from retirement village operations.