NZ shares up, led by Warehouse and Ryman

  • 31/08/2016
NZ shares up, led by Warehouse and Ryman

New Zealand shares rose as investors reshuffled their portfolios following earnings season, with Warehouse Group and Ryman Healthcare up while Orion Health Group dropped.

The S&P/NZX 50 Index gained 10.88 points, or 0.2 percent, to 7,398.83. Within the index, 24 stocks rose, 23 fell and four were unchanged. Turnover was $186.3 million, a recovery from two quiet days earlier in the week.

"There's again a little profit taking today, reporting season is now over and it was a bit of a case of 'buy the rumour, sell the fact' - now investors have decided to take a few profits," Grant Williamson, director at Hamilton Hindin Greene said.

Warehouse Group was the biggest gainer, up 2.5 percent to $1.91.

Retirement stocks improved, with Ryman Healthcare rising 1.9 percent to $9.60, Summerset Group gaining 1.5 percent to $5.50 and Metlifecare advancing 0.8 percent to $6.10.

"They're coming in for a bit of buying today, both Metlifecare and Summerset beat market expectations," Williamson said. "That's a sector that seems to be outperforming the rest of the market."

Sky TV gained 1.7 percent to $4.86 and Trustpower rose 1.3 percent to $7.85.

Orion Health Group was the worst performer, down 3.5 percent to $4.10. The stock is up 32.8 percent this year, having reached a 13-month high of $5.31 in June, but has fallen back since then.

Chorus dropped 3.2 percent to $4.25 while Steel & Tube Holdings fell 1.3 percent to $2.34.

Fisher & Paykel Healthcare Corp declined 2.1 percent to $9.67 and Westpac Banking Corp was down 1.6 percent to $30.56.

Outside the main index, Veritas fell 17 percent to 39 cents. The listed hospitality group, which owns the Mad Butcher franchise and the Nosh food markets, suffered after its unaudited full-year results showed heavy losses and a board weighing up whether the business is still a going concern.

Comvita dropped 1.5 percent to $10.10 while SeaDragon was unchanged at 1.2 cents.