Movers & Shakers Of The Day - NZR, SKO, SVR, GFL, BIT

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  • NZ stock market was down on Monday.
  • While Refining NZ and Serko closed in green, Savor, Geneva finance and Bankers Investment Trust closed in red.
  • Some stocks gained and some were down in the trading session amid their recent updates.

There has been increased volatility in stock markets due to rising bond yields and other international developments. The NZ share market was down 1.49% to 12,329 points on Monday, at the time of writing.

Let’s have a glance at stocks that were on a rise and those that were down for the day due to their business, management, and financial updates.

The New Zealand Refining Company Limited (NZX:NZR)

On 19 March, the Group provided operational update and released annual report for 2020. NZR acted quickly when COVID-19 struck by managing stocks and supply with customers across NZ.

Here are some of the highlights from the operational update for January/February 2021.

  • Simplified refinery operations produced 4.4 million barrels before refinery closes in the 2nd half of February for a scheduled maintenance shift.
  • Refinery to Auckland pipeline petrol and diesel volumes were equivalent to the same periods in 2019 and 2020.
  • Singapore Complex Margins were comparable with November/December 2020.
  • An agreement was also reached with bp Oil New Zealand on key commercial terms for import terminal.

In the short term, the potential for refining margins remains difficult, with COVID-19 travel bans likely to impact jet fuel demand for some time, and with considerable refining capacity closures needed to return refinery utilisation to more normal levels.

On 22 March, at the time of writing, NZR was trading at $0.47, up 8.05%.

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Serko Limited (NZX:SKO, ASX:SKO)

Serko reported an optimistic uplift in transaction volumes in March. As per the Group’s update dated 22 March, its transactions month-to-date averaged 68% of the transaction volumes recorded for the same period in March 2019, which stayed unaffected by COVID-19.

Serko has also been getting high daily transaction volumes. Some of this boost is reflective of the sustained onboarding of new customers in Australasia in spite of COVID-19 effects.

With vaccination programs in place in key markets and travel restrictions gradually being eased, positive trends are expected to continue for the Group.

On 22 March, at the time of writing, SKO was trading at $6.23, up 2.47%.

Savor Limited (NZX:SVR)

On 10 March, Amano Group Limited (subsidiary of Savor) agreed to buy all assets of Amano group restaurants for $11 million. The acquisition is scheduled for 8 April 2021 and will be funded through a combination of new debt financing of $7 million and the underwritten rights issue.

The fully underwritten rights issue is intended to raise $6 million at 17.67 cents per share. Savor had also announced to buy Hipgroup venues to grow its hospitality business and divestment of Moa Brewing to get more funds for growth.

Savor plans to focus on prospects to build on existing brands, throughout New Zealand, as well as acquiring new sites.

On 22 March, at the time of writing, SVR was trading at $0.215, down 4.44%.

Geneva Finance Limited (NZX:GFL)

The Group expects its net profit before tax to be between $6.3 million to $6.5 million for FY21, up by 56% from FY20. Since September 2020, the trading results have been surpassing expectations across consumer finance, invoice factoring, insurance, and debt collections business units for the company.

Amid this backdrop, Geneva’s directors have opined that final dividend for the March 2021 year should be restored to 2.25 cents per share. Geneva has increased focus on the core lending, businesses augmented by the related insurance and debt collection functions.

On 22 March, at the time of writing, GFL was trading at $0.62, down 3.13%.

The Bankers Investment Trust Plc (NZX:BIT)

BIT offers lucrative returns to its investors, with the way of growth in capital and income through its diverse portfolio. As of 18 March market close, the unaudited net asset value was recorded to be $108.5p.

The Company has also made some alterations in the total voting rights and share split of BIT.

On 22 March, at the time of writing, BIT was trading at $2.22, down 3.06%.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)

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