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Australian, New Zealand stocks edge up in volatile trade

Published 15/08/2016, 01:26 pm
© Reuters.   Australian, New Zealand stocks edge up in volatile trade
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SYDNEY/WELLINGTON, Aug 15 (Reuters) - Share indexes in Australia and New Zealand crept higher on Monday, but trade in some stocks was volatile as investors responded to company results.

The S&P/ASX 200 index .AXJO rose 0.2 percent or 10.8 points to 5,541.70 by 0215 GMT. The benchmark gained 0.6 percent last week and had opened lower, but recovered.

Among the biggest movers were condom maker Ansell Ltd ANN.AX , which surged as much as 14 percent on news it may sell its sexual health division.

Retailer JB Hi-Fi JBH.AX added 6.7 percent and Aurizon AZJ.AX , fell 6.5 percent.

"It's been a bit of a rocky ride today - the profit reporting season will remain in focus," said Steven Daghlian, market analyst at Commonwealth Securities.

"We had a mixed performance from those reporting today, but there's no major economic news out today either to really move the needle one way or the other this afternoon, that's why we're pretty quiet."

Falls among miners were offset by gains among financial stocks. The main movers were Newcrest Mining NCM.AX and National Australia Bank NAB.AX .

Newcrest fell 4.3 percent after announcing a 12 percent drop in profit. National Australia Bank added 0.8 percent after announcing a third-quarter profit of A$1.6 billion ($1.22 billion). shares dropped 6.5 percent after the company said its underlying profit decreased 16 percent. Hi-Fi posted increased sales and an 11.5 percent rise in profits.

For more individual stocks activity click on STXBZ

New Zealand's benchmark S&P/NZX 50 index .NZ50 was trading up 0.1 percent or 3.57 points at 7,366.67, weighed by some offshore jitters.

The biggest gainers were Steel & Tube STU.NZ , which was up 6.9 percent after it posted a strong rise in its full-year net profit Friday despite low prices for steel and increased competition.

Retirement village operator Summerset SUM.NZ added 4.6 percent after its half-year result Monday was ahead of expectations on strong sales.

A2 Milk ATM.NZ , due to report later this month, was up 2.4 percent. Macquarie Equities Investment Advisor Brad Gordon said the stock was likely benefited from upgraded guidance from Synlait Milk late last week.

Contact Energy CEN.NZ added 0.8 percent after its FY result was largely in line with expectations.

Courier Freightways Ltd FRE.NZ fell 1.0 percent after its result despite a rise in full-year net profit.

"It was a good, solid, strong result, but the market had probably all priced it in," said Gordon.

($1 = 1.3087 Australian dollars)

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