Tributes have come in for businessman and philanthropist Michael Hill after the founder of the jewellery chain bearing his name died.
Mercury Capital is eyeing up to 30% of investment house Forsyth Barr in the latest private equity foray into New Zealand’s financial services, with a deal expected to be signed next month.
Meanwhile, Fisher Funds Management’s annual profit climbed 57% in the March year on an 8.5% lift in revenue.
And New Zealand’s S&P/NZX 50 index nudged higher, with Infratil driving gains after the infrastructure investor’s target price was raised by UBS analysts.
Michael Hill. Jeweller.
Tributes have been flowing for Michael Hill, who died today aged 86, with the stock exchange honouring him on its ticker and prime minister Christopher Luxon acknowledging his aspiration, grit and determination. Hill founded his eponymous jewellery chain in 1979 with a single store in Whangarei, which has grown to 287 sites across New Zealand, Australia and Canada. Hill was knighted in 2011.
“To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,” Michael Hill International chair Rob Fyfe said in a statement.
The retailer’s shares rose 2.2% to 46 cents.
Meanwhile, Forsyth Barr is the latest of the local investment houses to get a tie-up with a private equity firm, signing an agreement with Mercury Capital for the Sydney-based firm to buy 25%-to-30% of the company. The deal is subject to shareholder approval and other conditions, and is expected to be completed in August.
“This is a highly positive step for the firm, our staff and clients,” Forsyth Barr chair David Kirk said in a statement. “Mercury Capital’s investment reflects confidence in our strategy, market position and future growth.”
Mercury manages more than $2 billion of funds, with its portfolio including a 42% stake of accounting and advisory firm Findex.
Stock market operator NZX was unchanged at $1.50.
Fisher Funds lifted its annual profit to $62.8 million in the 12 months ended March 31 from $40.1 million a year earlier, on revenue of $222.6 million. The year was the first without one-off costs from Fisher integrating Kiwi Wealth into the business, and delivered a $70.4 million dividend to its Toi Foundation and TA Associates shareholders.
Four in a row
The NZX50 was one of the few bourses to gain in the Asian trading session, rising for a fourth day as it gained 25.67 points, or 0.2%, to 12,936.41. Within the index, 21 stocks gained, 19 fell and 10 were unchanged. Turnover across the main board was $104.3 million.
Infratil paced gains, rising 2.5% to $11.99 after UBS was the latest brokerage to raise its target price, lifting it 1.9% to $13.75. Macquarie raised its rating on Infratil to ‘outperform’ earlier this month, and lifted its target price 18% to $12.32.
Australia’s S&P/ASX 200 index was down 0.1% in late trading, with the major banks leading the bourse lower, while Japan’s Nikkei 225 dropped 1% and Hong Kong’s Hang Seng slipped 0.9% as the Aug 1 imposition of US tariffs draws closer.
The kiwi dollar traded at 59.67 US cents at 5pm in Auckland from 59.70 cents at 7am, down from 60.11 cents yesterday.
Exporters were broadly stronger, with Fonterra Shareholders’ Fund units leading the NZX50 higher as they gained 3.9% to $6.92, while Fisher & Paykel Healthcare advanced 1.1% to $36.98 and a2 Milk Co increased 1% to $8.81.
Napier Port posted the biggest decline on the day, down 3.1% at $3.08 while SkyCity Entertainment Group fell 2.9% to $1 and Oceania Healthcare declined 2.8% to 69 cents.
Spark New Zealand was the most heavily traded stock with a volume of 3.8 million as it fell 1.4% to $2.455.
Vital Healthcare Property Trust decreased 0.3% to $1.985 after saying its unaudited property valuation showed a decline of $32 million in the six months ended June 30.
Outside the benchmark index, ikeGPS declined 1% to $1.02 after the pole analysis firm affirmed annual guidance for at least 35% growth in platform subscription revenue and breaking even on an earnings before interest, tax, depreciation and amortisation run rate basis in the second half of the March 2026 financial year. First quarter annual subscription revenue grew 29%.
CDL Investments fell 2.5% to 78 cents after the property developer said Hastings District Council excluded land it owns from the district’s future development strategy. The firm’s considering its options and taking legal and planning advice.
Reporting by Paul McBeth. Image from Pear285 at English Wikipedia.
