Downside<\/b><\/p>\n
Of the seven stocks that reported on Monday, Singh said Steel & Tube disappointed the most.<\/p>\n
Chief executive Mark Malpass said the company was starting to see early signs<\/a> of recovery and expected activity to continue to improve through the 2026 financial year.<\/p>\n AdvertisementAdvertise with NZME.<\/a><\/p>\n The steel supplier, distributor and processor dropped 4.29% to 67 cents on volumes worth $120,000 in value traded.<\/p>\n \u201cTheir commentary outlook is positive, but timing around that is uncertain,\u201d Singh said.<\/p>\n The other company that filed a \u201cwell-flagged but weak result\u201d was Michael Hill International, Singh said. Shares fell 4.6% to 41.5 cents.<\/p>\n The jewellery firm gave no guidance, though margins held flat and group sales were up thanks to the Canadian segment.<\/p>\n In an investor call after the result, interim chief executive Andrew Lowe said the company\u2019s Canadian division was benefiting from consumers turning their back on United States goods in response to trade tensions.<\/p>\n \u201cWe can proudly point to our New Zealand heritage,\u201d he said. <\/p>\n Gainers <\/b><\/p>\n Of the other stocks that reported, Singh said Scales Corporation was the company that most deserves \u201ca pat on the back\u201d.<\/p>\n \u201cThe stock\u2019s been on a strong run, and deservedly so, because that horticulture business is coming back to a more normal amount of volume after a tough cyclone,\u201d he said.<\/p>\n He said it was a very strong first-half result. Despite having upgraded guidance recently, the number came out ahead, leading to another upgrade for full-year profit.<\/p>\n Full-year profit guidance was upgraded from between $40m and $45m to $45m-$50m, up 12% at the midpoint. Shares gained 2.95% to $4.89. <\/p>\n Property for Industry shares lifted 1.53% to $2.33 after it posted earnings for the 12 months to June 30. <\/p>\n Net profit after tax rose to $106 million, reversing a $46.1m loss a year earlier. The turnaround was driven by $70.7m in fair-value gains across its $2.17 billion portfolio, compared with losses of $90m in the prior year. <\/p>\n