Market gains but Synlait suffers

New Zealand shares gained, led higher by Ryman Healthcare and Stride Property, as Plexure Group dropped after a price inquiry.

The S&P/NZX 50 Index rose 18.59 points, or 0.2 per cent, to 8443.5. Within the index, 26 stocks rose, 19 fell, five were unchanged. Turnover was a light $89 million.

“The market has had a positive start to the year with good leads from offshore,” said Greg Easton, adviser at Craigs Investment Partners. “There’s quite a lot of optimism coming out of the US — the tax changes, the economy is growing, jobs news has been good.”

Ryman Healthcare led the index higher, up 2.5 per cent to $10.91. Stride Property rose 2.3 per cent to $1.79, with Auckland International Airport gaining 1.7 per cent to $6.69.

Synlait Milk was the worst performer, down 2.7 per cent to $6.91, with Air New Zealand falling 1.6 per cent to $3.16 and Sky Network Television dropping 1.4 per cent to $2.80.

Outside the benchmark index, Tower gained 2.3 per cent to 68c. A substantial product holder notice filed yesterday shows National Australia Bank ceased to be a substantial shareholder on December 28, when it sold half its stake in the insurer, leaving it with 3.7 per cent.

Plexure Group plunged 21 per cent, or 5c, to 19c. The firm yesterday said it continued to comply with NZX disclosure rules after a price inquiry from the stockmarket operator. The inquiry came after Plexure shares jumped 55 per cent, or 8.6c, to 24c during Wednesday.