Shares up after bumpy week, led by NZ Refining

New Zealand shares rose, led by New Zealand Refining Company and Synlait Milk while Port of Tauranga and a2 Milk Co fell.

The S&P/NZX 50 index gained 0.59 of a point, or 0.01 per cent, to 8999.37. Within the index, 28 stocks rose, 17 fell and five were unchanged. Turnover was $156.7 million.

“There was a bit of weakness offshore last night but that hasn’t had any effect on our market,” said Grant Williamson, investment advisor at Hamilton Hindin Greene.

The local benchmark index has had a turbulent week, dropping 1.2 per cent in heavy trading on Tuesday but recovering since. The NZX50 ends the week down 0.1 per cent from the record 9008.58 it hit last Friday.

“[Tuesday] was one of the market’s biggest moves in months, but following that the market has regained all of that lost ground — it’s been a bit of a week of going nowhere,” Williamson said.

NZ Refining rose 2.4 per cent to $2.56. Yesterday, it gave an update on its refinery shutdown, saying all of the critical maintenance and replacement work on the refinery shutdown has been completed, but there has been a delay with the restart of the hydrocracker unit.

Synlait Milk rose 2.4 per cent to $11.27.

Australia and New Zealand Banking Group gained 2.2 per cent to $30.71. Failed children’s clothing retailer Pumpkin Patch is unlikely to be able to pay back nearly $20m it owes to ANZ while unsecured creditors will get zilch, according to the latest report by the company’s receivers KordaMentha.

ANZ was owed $59.5m when Pumpkin Patch was tipped into receivership in October 2016 and as of April 25 this year had been paid a total of $29.4m, according to the latest six-monthly report from receivers Brendon Gibson and Neale Jackson of KordaMentha.

Scales Corp advanced 2.1 per cent to $4.77, while Sky Network Television gained 2.1 per cent to $2.47. Port of Tauranga was the worst performer, down 2.1 per cent to $5.05. A2 Milk Co dropped 1.7 per cent to $11.95, Pushpay Holdings declined 1.2 per cent to $4.22, and NZX fell 0.9 per cent to $1.13. Fletcher Building dipped 0.9 per cent to $6.82. Outgoing chairman Ralph Norris announced the board’s audit and risk committee chair Bruce Hassall will succeed him when he steps down in September. Outside the benchmark index, Michael

Hill International dropped 3.1 per cent to 93.5c. It plans to close the remaining six stores of its Emma & Roe chain as well as the sub-brand’s online business at a total cost of no more than $3.1m. Steel & Tube Holdings fell 2.6 per cent to $1.51. It has agreed to a $21.1m sale-andleaseback deal of its Blenheim Road property in Christchurch.