Market commentary

WELLINGTON: New Zealand shares rose to a record, led by a recovery in Comvita after the manuka honey health products maker downplayed the impact the Myrtle Rust fungal disease would have on the wider industry, while Tower jumped on news its board was backing an Australian takeover bid.

The S&P/NZX 50 Index climbed 30.85 points, or 0.4%, to 7626.35, having reached an intraday high of 7637.05. Within the index, 27 stocks rose, 15 fell and eight were unchanged. Turnover was $130 million.

Comvita led the benchmark index higher, rising 6.7% to a monthhigh close of $5.87 after the Te Pukebased company said myrtle rust posed a low risk to the manuka honey industry based on Australia’s experience.

‘‘Investors were pretty cautious about that and that news certainly boosted that share price,’’ Grant Williamson, a director at Hamilton Hindin Greene in Christchurch, said. The myrtle rust outbreak was the latest in a string of bad news for Comvita’s share price, pushing it near twoyear lows, and Mr Williamson said it was ‘‘a nice recovery today seeing the bargain hunters come in’’.

Fisher & Paykel Healthcare, which derives most of its income from exports, rose 1.2% to close at a record $11.38.

Tourism Holdings rose 2.2% to $4.10, Z Energy increased 2.1% to $7.81, Fletcher Building gained 1.8% to $7.97 and duallisted lender Australia & New Zealand Banking Group advanced 1.6% to $29.34.

Sky Network Television increased 1.5% to $3.37 having slumped to near an eightyear low yesterday after giving up on a planned merger with Vodafone New Zealand. Spark New Zealand gained 1.3% $3.89.

Outside the benchmark index, Tower jumped 15% to $1.33 after the board gave its blessing to a takeover bid by Australia’s Suncorp Group.

Tegel Group Holdings fell 1.7% to $1.13 after the poultry company reported earnings near the bottom of already downgraded guidance.

Meridian Energy fell 2% to $2.92 and Genesis Energy declined 1.2% to $2.40. — BusinessDesk