NZ sharemarket flat early

Friday 18th February 2011

OceanaGold continued its rapid recent rise in early trading after yesterday announcing a 29% gain in revenue for the 2010 calendar year to US$305.6 million (NZ$402.8 million).

Full year net profit for the Melbourne-based company with gold mines in the South Island was down 18.5% to US$44.4 million. Earnings before interest, tax, depreciation, amortisation and excluding unrealised hedge losses was US$139.5 million in 2010, up from US$106.2 million the year before, as a higher average realised gold price was partially offset by lower gold production.

In early trading today OceanaGold (NZX: OGC ) shares were up 8c to $4.08, having risen from $3.41 at the start of the week.

Sky TV (NZX: SKT ) shares gained 9c early to $5.50, after the company reported a 19% rise in half year net profit to $60.3 million, as revenue rose 8% from a year earlier to $398 million.

The company attributed the result to the success of the MY SKY HDi decoder and a rebound in advertising sales.

Around 10.15am the benchmark NZX-50 index was up just 0.01 of a point at 3395.71, having yesterday gaining 11.2 points.

Restaurant Brands (NZX: RBD ) gained 3c early to $2.48, Abano Healthcare (NZX: ABA ) was up 5c to $4.60, while NZ Refining Co (NZX: NZR ) fell 15c to $4.85 on top of a 10c fall yesterday after reporting an improved after tax full year profit of $57.7 million.

In the US, investors piled on a dizzying two-year advance in stocks, using a brief slip on negative economic news as an opportunity to buy into market leaders.

The technology sector showed strength, with Nvidia Corp up 9.8% a day after posting a bullish revenue forecast as sales of its processors accelerate.

On preliminary data, the Dow Jones industrial average was up 0.2% to 12,318, the Standard & Poor's 500 Index was up 0.3% at 1340, and the Nasdaq Composite Index was up 0.2% at 2832.

NZPA

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