New Zealand's Summerset rises; Macquarie sees strong rise in H2 sales volume

Summerset group

22/07/2024 06:03

** Shares of Summerset Group  SUM.NZ  rise as much as 4.2%
to NZ$10.89, their highest since May 1
    ** Analysts at Macquarie see strong 2H sales volumes growth
for the retirement village operator 
    ** Summerset Group had posted record 1H sales earlier this
month, with total Q2 sales up 22% from the year-earlier period
    ** SUM continues to deliver growth in settlements despite a
tough housing backdrop, while interest rate cuts could help
drive a housing recovery in 2H24 and FY25 - Macquarie
    ** Brokerage says SUM is well positioned to capitalise on
demographic tailwinds with its land bank and track record of
development    
    ** Stock posts its biggest intraday pct gain since July 12
    ** Stock had risen ~2% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))