On August 31, 2020, S&P/NZX50 ended the session in red as there was a fall of 1.29% to 11,937.56 while S&P/NZX20 encountered a decline of 1.53% to 7,912.86. On the same day, S&P/NZX10 fell by 1.86% to 2,145.49. We will now have a look at the performance of some individual stocks.
On August 31, 2020, the share price of Vista Group International Limited (NZX: VGL) ended in green as there was an increase of 4.57% on an intraday basis to NZ$1.83 per share. On the same day, Fletcher Building Limited (NZX: FBU) rose by 1.70% to NZ$3.59 per share.
On the other hand, the stock price of Pushpay Holdings Limited (NZX: PPH) ended in red as there was a fall of 0.91% to NZ$8.75 per share. Also, the share price of Meridian Energy Limited (NZX: MEL) witnessed a fall of 4.51% to NZ$5.08 per share.
SAN Ended the Session in Green
In the release dated August 17, 2020, Sanford Limited (NZX: SAN) came forward and confirmed closure of Tauranga fish processing plant, which has resulted in the loss of 66 jobs. The company stated that closure was primarily driven by 2 factors. Firstly, impact of coronavirus has meant that the company is processing less fish caught by other companies, which has led to the reduction in processing volumes for its North Island sites. Secondly, the buildings do not meet the new seismic strength requirements.
Key Data (Source: Company Reports)
Earlier, the company reported statutory NPAT for 1H of 2020 financial year of $19.0 Mn, which is 17% behind last year’s result of $22.9 Mn for same period. Adjusted (underlying) EBIT stood at $23.2 Mn for six months ended March 31, 2020. It implies 29% decrease on adjusted EBIT from the same period last year ($32.6 Mn) or 16% fall on the comparable basis, excluding pelagic business. This business was sold in the month of March 2019.
On August 31, 2020, the stock price of SAN rose by 1.05% to NZ$5.77 per share.