NZ shares post 6.2pct quarterly gain

  • 31/03/2016

By Sophie Boot 

New Zealand shares rose, pushing the NZX 50 Index to a fresh record and rounding out a 6.2 percent quarterly gain. Orion Health Group, Xero and Fletcher Building gained.

The S&P/NZX gained 38.26 points, or 0.6 percent, to 6,752.42. Within the index, 33 shares rose, 14 fell and three were unchanged. Turnover was $186.7 million.

The index has grown 4.7 percent in the first quarter, reaching fresh record highs after most trading sessions in March.

"The NZX is just continuing on its remarkable run this month, there's generalised strength across a number of names as we come into the end of this quarter," said Matthew Goodson, managing director at Salt Funds Management.

Orion Health Group led the index, up 6.8 percent to $3.47. It gained for a second day after the Auckland-based medical software provider said it had signed a deal with a major healthcare insurer in the United States which will see its Amadeus platform rolled out to its 3 million-strong membership base.

Xero rose 2.5 percent to $15.43 while Freightways gained 1.9 percent to $6.35.

Fletcher Building advanced 1.7 percent to $7.89. The stock has gained nearly 20 percent since announcing its first-half earnings in mid-February, where it posted a 51 percent gain in first-half profit.

Metlifecare grew 1.6 percent to $5.25. It has added 22 percent to its value since its first half earnings, announced on Feb. 24, where it tripled net profit to $125.7 million.

Sky TV rose 1.4 percent to $4.98 while Mighty River Power advanced 1.2 percent to $2.92.

Genesis lost most, down 5.1 percent, or 11 cents, to $2.05. It gave up rights to an 8.2 cent interim dividend on Thursday, payable on April 15.

Ryman Healthcare fell 1.2 percent to $8.35, and Tower dropped 1.1 percent to $1.78.

Non-NZX 50 stock Synlait Milk rose 3.3 percent to $3.15.

Compliance listing Oceania Natural climbed 70 percent to $1.09 on their NXT debut.

Energy Mad shares jumped 66.7 percent to 5.5 cents.

CBL Corp was unchanged at $2.45.