Market commentaries

AUCKLAND: New Zealand shares rose, as Fisher & Paykel Healthcare extended its run after raising earnings guidance on an earlier than expected US regulatory approval.

The S&P/NZX 50 Index increased 18.74 points, or 0.2%, to 11,045.34. Within the index, 23 stocks rose, 18 fell, and nine were unchanged. Turnover was $163.8 million.

F&P Healthcare rose for a third day, up 2.6% at $18.79 on a volume of 1.3 million shares, more than its 90day average of 545,000. The breathing mask regulator hit a record $19.05, adding to yesterday’s rally when it said profit would rise by as much as 26.8% in the March 2020 year.

Its Viterra mask received US approval earlier than expected.

‘‘They’re pretty much a world leader, and it’s particularly good for a New Zealand company to be doing so well in that space, especially in the large American market,’’ said Grant Williamson, a director at Hamilton Hindin Greene.

Arvida Group led the market higher, up 3.4% at a record $1.54 on a volume of 249,000 shares, less than half its 678,000 average.

Retirement village stocks were stronger after Real Estate Institute figures showed house price inflation picked up in September. Metlifecare was up 2.3% at $4.55 and Summerset Group rose 1.5% to $6.80. Ryman Healthcare advanced 1.2% to $13.46 on a volume of 2.8 million shares, more than its 445,000 average.

‘‘House prices do influence those stocks on the market because if house prices are going up and the villages are turning over villas, they’re selling them at that higher price,’’ Williamson said.

Ebos Group rose 0.4% to $25 after the health and animal care products maker extended its reach into medical devices with a $A34 million acquisition.

Williamson said the company has been very good at making bolton acquisitions.

‘‘Management continues to tick all the right boxes.’’

Sky Network Television was the most traded stock with a volume of 3.8 million, well up on its 1 million average. The shares were unchanged at $1.06, having whipped back and forth over the past week when the payTV operator lost the domestic cricket broadcasting rights but subsequently retained rugby.

Meridian Energy increased 0.5% to $5.25 on a volume of 1.5 million shares after its September operating metrics showed more hydro generation at higher average wholesale prices in the month compared to a year earlier.

Contact Energy fell 1.1% to $8.75 with 1.2 million shares traded after its September update showed smaller monthly generation, albeit at a higher price, from a year earlier.

Of other stocks trading on volumes of more than a million shares, Property For Industry decreased 0.2% to $2.435, Fletcher Building fell 1.7% to $4.60, and Mercury NZ increased 0.4% at $5.52.

Chorus increased 1.4% to $5.375 after saying the Commerce Commission delayed the release of draft decisions on the way it will create input methodologies for the company’s regulated fibre network

Infratil was the worst performer on the day, down 2.3% at $5.03 on a volume of 415,000 shares, down on its 751,000 average.

Outside the benchmark index, Marsden Maritime Holdings increased 1.9% to $5.81 on a volume of just 738 shares. The partowner of Whangarei’s Northport held its annual meeting yesterday, where chairman Murray Jagger was optimistic about the outlook for the port operator. The Australian sharemarket finished a touch higher despite stocks of media companies and retailers taking a hit amid reports their businesses are suffering.

The benchmark S&P/ASX200 index finished up 9.4 points, or 0.14%, to 6652 points, while the broader All Ordinaries was up 5.4 points, or 0.08%, to 6763.3 points.

Media stocks were under pressure after Triple M owner Southern Cross Media said media markets had been weak during the first quarter, with revenue down eight%, and forecast that firsthalf earnings would be down 24%.

Southern Cross shares plunged 18.6%; Nine Entertainment was down 6.4%; Ooh!Media fell 3.1%; radio station owner Here, There & Everywhere (formerly APN News & Media) fell 6.5% and Seven West Media dropped 3.9%.

Many retailers were feeling the heat after furniture seller Nick Scali reported a dive in sales at its furniture outlets, with likeforlike sales down 8.0% yeartodate and foot traffic down 10 to 15% over the last three months.

Nick Scali shares plunged 13.8%, Harvey Norman fell 5.9%, JB Hi Fi dropped 4.5%, Adairs dropped 4.6%, Super Retail Group fell 3.0% and Breville Group dropped 2.3%.

Mining stocks were lower as commodity prices fell, with BHP down 1.2% to $36.08, Rio Tinto down 1.4% to $90.60 and Fortscue Metals down 3.5% to $8.64.

Goldminers were mixed, with Newcrest down 0.7% and Silver Lake Resource down 4.3% but Northern Star up 1.1% and St Barbara gaining 1.1%.

All the big banks were higher, with ANZ up 0.6% to $27.83, Commonwealth up 0.3% to $79.31, Westpac up 0.1% to $28.94 and NAB up 0.3% to $28.45.