Market commentary

WELLINGTON: A strong rebound by leading stock Fisher and Paykel Healthcare drove the New Zealand sharemarket forward on another positive day yesterday.

The S&P/NZX 50 Index finished 51.63 points or 0.41 ahead at 12,553.38. There were 86 gainers and 47 decliners and trading was strong, 58.42 million shares worth $227.30 million changing hands.

The day before reporting its latest financial result, Fisher and Paykel Healthcare surged $1.15 or 3.5% to $34.05 on trade worth $32.6 million. It was joined by Spark, which gained 11.5c or 2.55% to $4.63 on trade worth $16 million.

Air New Zealand, wanting to do more flying when the border reopens, climbed 9.5c or 5.43% to $1.845. Tourism Holdings was up 3c at $2.64, and wine exporter Delegat Group surged 78c or 5.3% to $15.50.

Fletcher Building again had a good day, rising 11c or 1.98% to $5.67; Sanford was up 9c at $5.10; and Turners Automotive Group gained 11c or 4.07% to $2.81.

Retirement village operator Arvida’s share price fell 7c or 3.89% to $1.73. Arvida said it was on track to deliver 247 new units for the year.

Fellow retirement stocks Summerset Group Holdings and Ryman Healthcare were also down, Summerset declining 10c to $10.70 and Ryman losing 36c or 2.45% to $14.33, having fallen $1.65 in four trading days.

In the property sector, Argosy was down 3.5c at $1.44, Precinct Properties decreased 4c or 2.26% to $1.73, Kiwi Property fell 4.5c or 3.5% to $1.24 and Goodman slipped 2c to $2.38.

Personal lender Harmoney fell below its listing price after falling 13c or 3.58% to $3.50, and Synlait Milk was down 11c or 1.93% at $5.58.

Insurance company Tower rose 2.5c or 4.24% to 61.5c after announcing it had reached a $42.1 million agreement with the Earthquake Commission for an outstanding receivable resulting from the Christchurch earthquakes. —