Economy / NZX Stock Market 30-Day Review & News (2 Aug 2020)

Auckland Property & NZX Stock Market Tips with MaximSherstobitov.NZ

Mainfreight shares hit a record $46.95 in early trading following a strong update and upbeat annual meeting. The shares rose 19% this month, valuing the business at $4.7 billion.

Jarden analysts said the result was "remarkable" and upgraded their forecast for net profit in the March 2021 year by 25%, due to increasing revenue in Australia and NZ.

Mainfreight reported growth in revenue of 5% and profit before tax growth of 18% for the first 4 months of this financial year which covered the lockdown.

The only downside to the update was the reduction in revenue growth in the Americas.

Pacific Edge rose a further 177%, extending an ongoing surge which has seen it gain more than 525% year to date.

Recently ANZ’s funds management arm bought $22 million of new shares in Pacific Edge, not long after the company was approved to provide services under the United States' national health insurance schemes.

The market is continuing to get its head around the market size in the US and what the potential income streams could be.

Marketing tech specialist Plexure announced it is looking at changing its primary listing to the ASX to have better access to capital. Shares rose 59%.

Communications and power infrastructure company ikeGPS said it will raise almost $20 million of new equity after winning one of the largest communications infrastructure companies in the United States as a customer.

It will also use the money for potential growth opportunities and take on new staff.

ikeGPS up 24%after its institutional placement closed oversubscribed.

Existing shareholders can subscribe for one share for every seven they own. New shares will be issued at a price of $0.68 a share, which represents a 11.7% discount to the last closing price of $0.77.

✅ Learn other tips at https://www.MaximSherstobitov.NZ/

🔔 Subscribe now so you do not miss the next video ➜ https://www.youtube.com/channel/UCHIw-Ej9kivd77bavBCnatQ?sub_confirmation=1

💬 Leave a review - I read every comment!

🏡 Facebook Page - https://www.facebook.com/MaximSherstobitovPage/

👉 Instagram - https://www.instagram.com/maxim.sherstobitov/

🎙 Subscribe to this Podcast

👉 LinkedIn - https://www.linkedin.com/in/maximsherstobitov/

📥 Join my exclusive weekly newsletter http://eepurl.com/gcmTU9

IMPORTANT:

- The information does not constitute financial, accounting or legal advice and we cannot be held liable for any acts or omissions that arise from your use.

- Everything on this channel is for educational purposes only. It does not take into account your investment objectives, financial situation and personal needs.

- Past performance is not a guarantee of future returns. Before making any financial decisions, you should seek independent financial advice.