Xero leads NZ sharemarket higher

  • 28/09/2015
Xero leads NZ sharemarket higher

New Zealand shares have gained, led by cloud-based software firm Xero.

The S&P/NZX 50 Index advanced 11.78 points, or 0.2 percent, to 5699.13 today.

Within the index, 27 stocks rose, 15 fell and eight were unchanged. Turnover was $106 million.

Xero led the benchmark index higher, up 3.8 percent to $15.10 after it raised fees for New Zealand customers.

"Another strong day for Xero... which follows on from a couple of positive days late last week," said Matthew Goodson, managing director at Salt Funds Management.

"The main thing that happened there was that put a series of price increases through New Zealand. Perhaps surprising, given Rod Drury had said that would never happen while he was in charge of the company.

"So the market seems to be taking it positively rather than negatively but the key remains getting overseas growth."

Units in Fonterra Shareholders' Fund, which give holders access to Fonterra's dividend stream, gained 0.4 percent to $5.62 and are up 16 percent over the past month.

Meridian Energy gave up rights to its 8.08 cents final dividend and its 3.95c special dividend, which saw the shares drop 5.3 percent to $2.135.

Spark New Zealand declined 0.6 percent to $3.09 and Fletcher Building fell 0.6 percent to $6.87.