Market commentaries

AUCKLAND: New Zealand shares rose in lacklustre trading yesterday, dominated by Spark New Zealand, which will hold its annual meeting this week.

The S&P/NZX index increased 47.14 points, or 0.6%, to 8615.54. Within the index, 25 stocks gained, 16 fell and nine were unchanged, Turnover was $66.3 million, of which Spark accounted for $10.3 million.

Some 15.4 million shares of top 50 stocks were traded yesterday, less than the 90day average of 25.3 million.

Craigs Investment Partners adviser Peter McIntyre described trading as subdued ahead of a busy week for United States corporate earnings and various local annual meetings.

Just two companies had volumes of more than 1 million shares.

Spark was the mosttraded stock and 2.7 million shares changed hands. It rose 1% to $3.87. At its annual meeting on Friday, shareholders will get an update on how the telecommunications company’s new drive to improve margins is tracking.

Sky Network Television gained 2.2% to $2.30 after the payTV operator won a High Court ruling against My Box that using the internetstreaming service to show Sky movies, TV and sports programmes breached copyright. Volumes were lighter than usual.

Trade Me led the market higher, up 2.4% to $4.75 on very light volumes. Duallisted Westpac Banking Corp gained 2.2% to $28.50.

Z Energy increased 0.3% to $5.94 on volumes of 1 million, slightly more than usual. The transport fuels company will report firsthalf earnings on Thursday. It has been under pressure in recent weeks as domestic petrol prices rose to record prices on a weaker currency and rising global oil prices. The Government has also fasttracked legislation to enable regulated market studies with a view to target petrol companies first.

NZX was unchanged at $1.03 on half its normal volume after reporting a 3.8% increase in thirdquarter revenue. That was largely on the strength of its funds management business.

Kiwi Property Group fell 1.9% to $1.31 on smaller volumes than normal. The property investor announced plans to raise up to $125 million through a listed sevenyear bond offer. The proceeds will repay bank debt.

Pushpay Holdings fell 35 to $3.55 on a tenth of its usual volumes. The National Business Review yesterday reported cofounder Eliot Crowther, who unexpectedly and abruptly left the company and cashed up $100 million of stock, is locked in a legal dispute with his exwife over his representations of the stake’s value.

Gentrack Group slipped 2.3% to $6.40 and Synlait Milk declined 1.7% to $8.27, both on light trading.

Outside the benchmark index, AWF Madison rose 2.3% to $1.77 on light volumes after the recruitment firm maintained its interim dividend, even as firsthalf profit dropped 40%.

New Zealand Oil & Gas rose 3.3% to 63c after the explorer said it will begin comprehensive electronic logging of the Kohatukai1 well.

PGG Wrightson increased 1.8% to 58c ahead of today’s combined annual and special meeting, at which investors will vote on whether to sell its seeds division. The rural services firm yesterday said chairman Alan Lai will retire, effective immediately.

A rally from the healthcare and materials sectors pushed the Australian sharemarket to a higher close yesterday despite weakness in overseas markets.

The benchmark S&P/ASX200 index ended up 63 points, or 1.1%, at 5728.2 points, while the broader All Ordinaries was up 54.2 points, or 0.94%, at 5813.8 points

‘‘It was a broadbased rally and flows from the major weakness we had last week. We were probably overdone,’’ Evan Lucas, chief market strategist at Investsmart, said.

‘‘Clearly, banks’ earning season has also put a bit of a floor under the financial stocks,’’ he added.

Healthcare stocks were the best performers, led by a nearly 6% jump in Mayne Pharma after it announced a US acquisition late last week. Resmed, which reported strong yearonyear revenue growth and CSL also rose more than 3% each.

Mining stocks were in the green following a rise in iron ore prices, with mining giants BHP, Rio Tinto and Fortescue all rising between 1% and 2%.

Energy stocks were led by a 2% increase in Woodside Petroleum and a 1% gain in both Caltex and Origin Energy as oil prices trended higher.

Each of the four major banks ended more than 1% higher. — BusinessDesk/AAP