S&P/NZX50 Ended in Green; THL Zooms Up 9.94%

On July 31, 2020, S&P/NZX50 ended the session in green as the index witnessed a rise of 0.30% to 11,728 while S&P/NZX20 rose by 0.34% to 7,840. On the same day, S&P/NZX10 encountered a rise of 0.48% to 12,450.

S&P/NZX All Industrials ended the session in green as there was a rise of 2.92% and S&P/NZX All Consumer Staples fell by 2.60%.

On July 31, 2020, the stock price of Cavalier Corporation Limited (NZX: CAV) rose by 10.26% to NZ$0.430 per share. On the same day, the share price of Mainfreight Limited (NZX: MFT) witnessed a rise of 7.57% to NZ$46.900 per share.

The following image provides a broad overview as to how the share price of MFT has trended in the span of past one year:

Stock Performance (Source: NZX)

Stock Performance (Source: NZX)

THL Releases Framework for FY 2021

Tourism Holdings Limited (NZX: THL) came forward and released a framework for FY 2021. It focuses on creating flexibility via cost reduction, fleet management, and debt reduction.

The company stated that its current assumption is that it would operate in the domestic-only environment for majority, if not all, of FY 2021, but the company would be retaining key capabilities as well as the ability to efficiently meet demand after international travel flows resume.

Moreover, the company is focused towards debt reduction. It has strengthened its balance sheet by achieving debt reduction of around 40 percent since March 2020, and it anticipates to continue to reduce debt in FY 2021.

The share price of THL rose 9.94% to NZ$1.880 per share on July 31, 2020.

AMP Gave Update on 1H FY 2020 Results

AMP Limited (NZX: AMP) came forward and provided an update on 2020 interim operating earnings, including the impact due to volatility in the market as well as economic disruption as a result of coronavirus. Whilst 1H FY 2020 results are being finalised as well as subject to audit review, there are expectations that AMP would report underlying profit for retained businesses (Australian wealth management, AMP Bank, AMP Capital and New Zealand wealth management) in the order of A$140 Mn-A$150 Mn.

The company stated that results have been impacted by several factors including market volatility as well as credit loss provision in AMP Bank.

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