NZX 50 closes up on Briscoe Group, Chorus profit results

Tuesday, 8 September 2020

The NZX closed up 36 points at 11,895 on Tuesday.

Briscoe Group’s strong half-year results and Chorus’ record share price drove the NZX 50 index up 0.31 per cent on Tuesday.

The key index closed up 36 points at 11,895.63.

Briscoe Group announced a profit after tax of $27.9 million for the half-year to July 26. Its share price rose 2.67 per cent or 10 cents to $3.84.

Telecommunications infrastructure company Chorus’ share price rallied 5.23 per cent or 45c, closing at $9.05.

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Briscoe Group, the owner of Briscoes and Rebel Sport, posted a $27.9 million profit for the six months to July 26.

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Hamilton Hindin Greene investment adviser Jeremy Sullivan said the big movers on the NZX on Tuesday were the blue chip stocks, Chorus, SkyCity and Briscoe Group.

Sky TV was up 9.52 per cent to 1.4c in anticipation of its results on September 10, Sullivan said.

Milk company, A2, ended the day down 2c at $18.28 a share.

A2’s share price had dropped 1.67 per cent this month.

Sullivan said Australian investors were more cautious of A2 which was also listed on the Australia’s ASX, and other companies exporting to China for fear of being blockaded due to political tensions between the two countries.

Among the top 10 stocks on the NZX, Fisher & Paykel Healthcare dropped 50c to $33.80, Air New Zealand rose 0.5c to $1.345, Auckland International Airport rose 8c to $7.10 while Tourism Holdings fell 3c to $2.11.

Meridian rose 0.45c to $5.015 and Spark was up 0.35c, closing at $4.84.