Market commentaries

AUCKLAND: New Zealand shares rose, led higher by Comvita and Kathmandu Holdings, while Fisher and Paykel Healthcare Corp and Trade Me Group fell.

The S&P/NZX50 Index gained 2.27 points, or 0.03%, to 8998.79. Within the index, 32 stocks rose, 12 fell and six were unchanged. Turnover was $142.8 million.

‘‘The market has again shrugged off quite a weak lead from offshore markets, not paying a great deal of attention as support continues for a number of highgrowth names,’’ Matt Goodson, managing director at Salt Funds Management, said.

Comvita led the index, up 3.2% to $5.85.

Kathmandu Holdings rose 2.8% to $2.96. The stock has risen 18.4% since Monday, when the company said it expected to increase profit this year on higher sales and better margins. It forecast net profit of $48 million to $52 million in the year ending July 31, up from $38 million last year.

‘‘It has a very high dependence on three annual major sales, which can make it difficult for investors to forecast, but this year they really do seem to have the house well and truly in order,’’ Mr Goodson said.

‘‘It has occurred against a retail backdrop that hasn’t been hugely easy. It is a brand owner, as well as a retailer, but they’ve certainly managed to defy general weakness.’’

Sky Network Television gained 2.8% to $2.60, Fonterra Shareholders Fund rose 2.5% to $5.35, and Port of Tauranga was up 2.4% to $5.20.

Z Energy gained 0.3% to $7.51. After the market closed on Wednesday, it said its customer database for the Z card online was breached due to a security flaw and it had advised affected customers and the Privacy Commissioner.

Fisher and Paykel Healthcare was the worst performer, was down 2.4% to $14.90. Shares in New Zealand’s biggest listed healthcare company, had risen 11.6% since the company announced its earnings at the end of May, when it delivered annual profit of $190.2 million and forecast 2019 profit at $210 million.

‘‘It has received quite extraordinary offshore buying interest following what was a bit of a soft result, so somewhat surprising that it has rallied a couple of dollars since that result despite some modest earnings downgrades on it,’’ Mr Goodson said.

Trade Me dropped 1.7% to $4.72, Air New Zealand fell 1.4% to $3.175, and Tourism Holdings declined 1.2% to $6.72.

The Australian sharemarket ended a fourday losing streak. The energy and materials sectors were among the biggest winners.

The benchmark S&P/ASX200 index was up 19.5 points, or 0.31%, at 6215.4, while the broader All Ordinaries index gained 15.3 points, or 0.24%, at 6305.8 points.

The SPI200 futures contract was up 27 points, or 0.44%, at 6165 points. — BusinessDesk/AAP

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