Kath­mandu and Air NZ lead rise in Kiwi share­mar­ket

Weekend Herald - - MARKETS -

New Zealand shares rose, led by Kath­mandu and Air New Zealand, as im­prov­ing global sen­ti­ment sparked in­ter­est in some of the big­gest com­pa­nies on the bourse, although Ry­man Health­care fell af­ter earn­ings dis­ap­pointed some in­vestors.

The S& P/ NZX 50 In­dex rose 20.35 points, or 0.3 per cent, to 7392.11. Within the in­dex, 22 rose, nine were

Dol­lar

un­changed and 19 fell. Turnover was $ 103 mil­lion.

Stocks were largely pos­i­tive across Asia af­ter a re­bound on Wall St overnight on Thurs­day, although the pro­posed bank tax on Aus­tralia’s big­gest lenders con­tinue to weigh across the Tas­man.

Hamil­ton Hindin Greene bro­ker Grant Wil­liamson said the bet­ter glo- bal mood had cheered in­vestors. “We had seen a lit­tle bit of profit tak­ing and that’s ob­vi­ously dried up and we’ve had a few in­vestors com­ing into the mar­ket.”

Kath­mandu rose 3.7 per cent to $ 1.99, while Air New Zealand gained 2.5 per cent to $ 2.87. Fletcher Build­ing added 1.9 per cent to $ 8.14.

News that mi­gra­tion re­mained at a record high in April and short- term vis­i­tor ar­rivals also hit a new record also helped sup­port Air New Zealand.

Fisher & Paykel Health­care rose 1 per cent to $ 10.17. Ear­lier this week in­vestors were cheered by news that ResMed with­drew its com­plaint against F& P Health­care in the US In­ter­na­tional Trade Com­mis­sion, although it plans to re­place it with a new ac­tion and is still pur­su­ing its patent dis­pute with the New Zealand maker of breath­ing masks in sev­eral other ju­ris­dic­tions.

AFT Phar­ma­ceu­ti­cals rose 1.7 per cent to $ 2.34 af­ter it ob­tained reg­u­la­tory ap­proval to sell its Max­i­gesic painkiller in nine ad­di­tional Euro­pean coun­tries.

Xero con­tin­ued to power higher as the com­pany moves to­ward breakeven, end­ing up 0.9 per cent at $ 23.40 while Briscoe Group was un­changed at $ 4 af­ter it said it would pur­sue a sec­ondary list­ing on the Aus­tralian Se­cu­ri­ties Ex­change next week in a bid to broaden its in­vestor base.

In the other di­rec­tion, Sky Net­work Tele­vi­sion dropped 2.0 per cent to $ 3.51. Ry­man Health­care fell 1.9 per cent to $ 8.47 af­ter it posted a record an­nual profit, adding to its run of 15 years of earn­ings growth, as the hot prop­erty mar­ket un­der­pinned gains from re­sales of its oc­cu­pancy rights.

Dual- listed Aus­tralia and New Zealand Bank­ing Group shed 1.4 per cent to $ 30.66 while San­ford fell 1.4 per cent to $ 7.05.

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