NZ shares rose to close all time high

  • 07/03/2016
(Reuters)
(Reuters)

By Sophie Boot

New Zealand shares rose slightly to close at another all-time high as the market took a breather post earnings season. Z Energy gained while SkyCity Entertainment Group fell.

The S&P/NZX 50 Index edged up 0.8 points, or 0.01 percent, to 6,418.93. Within the index, 22 stocks gained, 20 fell and eight were unchanged. Turnover was $123.7 million.

Z Energy led the index, advancing 3.1 percent to $6.57, though the stock only got back to where it was a week ago. The stock has been up and down over the past month, probably reflecting a bit of illiquidity in the market, said Craig Stent, a portfolio manager and analyst at Harbour Asset Management.

Stocks across Asia lifted slightly on the afternoon's trading, with Australia's S&P/ASX 200 climbing 1.1 percent with a rebound in commodities.

"People are digesting results from the end of reporting season," he said.

Vital Healthcare Property Trust rose 2.6 percent to $2.01, while Tower gained 2.5 percent to $1.63 and Port of Tauranga advanced 1.9 percent to $18.90.

Restaurant Brands grew 1.8 percent to $4.55, a record closing price.

Warehouse Group climbed 1.5 percent to $2.75. The retailer is due to announce its earnings on Friday, and Stent said its latest quarterly update had been positive over the Christmas period.

SkyCity dropped furthest, down 2.4 percent to $4.43, and has gained 2.5 percent so far this year.

Meridian Energy shed 1.6 percent to $2.54.             

Diligent Corp fell 1.3 percent to $7.02.

Auckland International Airport dropped 1 percent to $6.65 and Fisher & Paykel Healthcare fell 1 percent to $9.01.

Infratil shed 0.9 percent to $3.17. Iwi-owned Go Bus announced it had won four South Auckland public transport contracts, after Infratil's NZ Bus unit failed in its bid to retain the contracts.

Outside the benchmark, Pacific Edge declined 1.1 percent to 47 cents.

NZN