NZX Stock Market Weekly News & Review (26 July 2020) - Webinar Replay

Auckland Property & NZX Stock Market Tips with MaximSherstobitov.NZ

Z Energy rose 7.66% because it increased the market share. The first quarter results for their 2021 financial year, although poor compared to last year, were above market expectations.

The report covered Z's performance between March 31 and June 30, encompassing most of the alert level 4 lockdown.

Total revenue was $594 million, down 53 per cent from last year's $1257m. This was primarily because lockdown reduced fuel sales by 39 per cent.

As expected, jet fuel was hit the hardest: volumes were 53 per cent lower than last year. Volumes in the less-impacted diesel sector dropped by 19.5 per cent, and petrol volumes were down 40.8 per cent. Cost-saving procedures meant Z's statutory loss for the quarter was limited to $49m.

Pacific Edge gained 23.1% after ANZ New Zealand Investments bought $22 million of new shares at a 14% premium. The stock is up 475% year-to-date and may be next in line to join the index.

Cavalier Corp rose 28.57%. The wool and carpet company said stock levels had decreased "significantly" to about $35 million, on the back of "stronger than anticipated" trading through June, particularly in wool sales.

Cannasouth went up 12.12% after announcing a new joint venture with Vera Cultivation, a Colorado-based, market-leading cannabis producer.

Vera will help Cannasouth design their cultivation facility, develop licensed operating systems and procedures, and provide support for implementation of growing facilities over the next 30 months.

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