Market commentaries

WELLINGTON: New Zealand shares rose yesterday with heavy trading in Auckland International Airport and Air New Zealand after the airport operator lifted earnings and said it would cut airline landing fees.

The S&P/NZX 50 index increased 8.4 points, or 0.1%, to 9309.21. Within the index, 20 stocks gained, 19 fell, and 11 were unchanged. Turnover was $160.1 million.

Auckland Airport rose 1% to $7.42 on a volume of 2.7 million shares, more than twice its average. The airport operator lifted underlying firsthalf earnings almost 3% to $136.9 million on increased aircraft movements and passenger numbers. Capital expenditure fell to $132.3 million from $208.3 million, and the airport operator scaled down its annual forecast as it pushed out construction work on some larger projects.

David Price, a broker at Forsyth Barr, said the forecast capex was significantly lower.

‘‘That will reduce its depreciation burden in the next few years and we’ll probably revise up our forecasts,’’ he said. ‘‘It was a good operational performance — retail was very strong.’’

Air New Zealand rose 1.5% to $2.65, with 5.8 million shares changing hands, compared to its 789,000 90day average.

Summerset Group increased 0.8% to $6.33 on a volume of 151,000 shares, after reporting a 21% increase in annual underlying earnings. Its net profit shrank as the housing market’s slowdown led to smaller gains in the value of its property portfolio.

Price said the result was ‘‘solid enough’’ and in line with forecasts: ‘‘No surprise is a good thing.’’

Synlait Milk led the market higher, up 3.3% at $10.33. About 387,000 shares changed hands, almost four times its threemonth average.

Meridian Energy rose 2.2% to $3.71 on a volume of 1.9 million, Mercury NZ rose 2.2% to $3.71 on 249,000 shares, and Contact Energy was up 2.1% at $6.44 on a volume of 393,000. Fletcher Building increased 1.6% to $4.98 on a volume of 1.9 million.

Z Energy rose 0.2% to $6.10 on slightly lighter than usual volumes after announcing independent director Abby Foote will succeed Peter Griffiths as chair when he steps down in May.

Spark New Zealand was the most traded stock with 7.5 million shares changing hands, compared to its usual 4 million. The shares fell 1.1% to $3.71. Of other companies trading on volumes of more than a million shares, Trade Me decreased 0.2% to $6.39, Precinct Properties New Zealand was unchanged at $1.48, and Sky Network Television fell 2.4% to $1.60.

Australian shares finished higher yesterday despite a drag from the energy sector weakened by coal exports to China.

The benchmark S&P/ASX200 index finished up 28.1 points, or 0.46%, at 6167.3 points at 1615 AEDT on Friday, while the broader All Ordinaries was up 27.3 points, or 0.44%, at 6241.9.

The Aussie dollar is buying US70.92c from US71.62c on Thursday.

The dollar climbed its way back from a sudden overnight drop following media reports that customs had halted Australian coal imports at five harbours in northern China, after Federal Treasurer Josh Frydenberg told ABC radio there was no ban in place.

Nonetheless, shares in mining giant BHP closed down half a percent at $37.69 at the close of market, while fellow coal miner New Hope fell 3.5% to $4.08. — BusinessDesk/AAP