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NZX Stock Market 7-Day Review & Economy News (9 Aug 2020)
Manage episode 327622246 series 3116466
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The energy sector led the market lower after the mining company Rio Tinto shot down rumours it was planning to restart an aluminium production line closed earlier this year.
It was reported the line may be restarted as soon as September, prompting speculation the Tiwai Point aluminium smelter may remain open beyond its planned closure in August 2021.
Contact Energy is up nearly 4.5%
Just Life Group, which supplies water coolers, announced an increase in unaudited profit before tax of $3.9m for the year ending June 30, compared with $2.6m last year. Its share price increased by 10%. They used to sell mainly water but now it also does home ventilation and skylights.
What are your thoughts about this company?
Turners & Growers Global Fresh produce exporter & importer Turners & Growers Global (T&G) posted strong growth figures in its first half of 2020. The stock price closed up 7.7% after a hefty amount of market reaction. Revenue was up by nearly 20% to $671 million, and net profit after tax was $9.5 million, more than double the previous first half's figure.
The positive result from T&G is interesting to compare to Scales, who operates in a very similar fashion and had far less positive results out this week.
T&G credits its success to a decision to ship apples early in the season to Europe and the UK, bypassing the logistical issues present during the Covid-19.
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