Market commentaries

WELLINGTON: New Zealand shares were mixed. Most of the market, including Summerset Group Holdings and Westpac Banking Corp, rose but a big trade in Sky City Entertainment tipped the index down.

The S&P/NZX 50 Index dropped 1.86 points, or 0.02%, to 7624.49. Within the index, 23 stocks rose, 16 fell and 11 were unchanged. Turnover was $357 million.

Sky City Entertainment was the worst performer, dropping 4.2% to $4.07. Chairman Chris Moller will retire at the end of this year, after nine years as a director, to be replaced by new director Rob Campbell.

‘‘There was a big trade this morning just after 9am, over 35 million shares at $4.05, and that’s the main reason we’ve seen such a large amount of volume going through the market today,’’ Peter McIntyre, investment adviser at Craigs Investment Partners, said. ‘‘I don’t think it’s handinhand with Chris Moller leaving, it just happens to coincide I think, but it’s a massive trade.

Summerset led the index, rising 2.8% to $4.78. The bestperforming retirement village stock in the past 12 months said 2017 underlying earnings may rise as much as 33%, driven by new sales of occupation rights to its units. Underlying earnings, which exclude property revaluations, are forecast at $72 million to $75 million in calendar 2017, from $56.6 million in 2016, when profit jumped 50%. The company did not provide a net profit forecast.

‘‘They’ve given pretty upbeat guidance, they’ve been able to develop properties then sell them with good margin, that’s a continuation of upgrades seen from Summerset,’’ Mr McIntyre said. ‘‘They have got a large development pipeline and there’s obviously good demand for their units driving into earnings.’’

Westpac rose 1.4% to $31.70, Mainfreight gained 1.3% to $23.50 and Comvita advanced 1.2% to $5.94.

Orion Health Group dropped 1.5% to $1.28. The company was the subject of an NZX price inquiry after the stock gained 39% between June 19 and June 27, going from 97c to $1.35.

The Australian sharemarket overcame a sluggish start to close higher, as a rally in iron ore and oil prices boosted mining and energy stocks.

The benchmark S&P/ASX200 stock index was up 41.5 points, or 0.73%, at 5755.7 points.

In the resources sector, global miner BHP Billiton added 1.9% to $22.89, Rio Tinto improved 2.5% to $61.34 and Fortescue Metals surged 4.1% to $5.07 after the iron ore price lifted by 3.5%.

Energy stocks pushed higher after oil prices rallied by 2% overnight and the big four banks lifted after days of uncertainty over government levies. The financial sector lifted 1%.

Australia’s freetoair TV and radio networks jumped after the federal government regulated a cut in broadcasting licence fees in a bid to ease pressure from foreign tech companies and online streaming services. Nine Entertainment rose 4.5%, Seven West Media gained 4.3%, and Southern Cross Media soared 7.1%.

Liver cancer treatment developer Sirtex Medical climbed $2.31, or 17.12%, to $15.80 as it cut the value of its clinical and research and development assets by $90 million and said it will axe 15% of its workforce, but met its earnings guidance.

The benchmark S&P/ASX200 was up 41.5 points, or 0.73%, at 5755.7 points.

The broader All Ordinaries index was up 43.6 points, or 0.76%, at 5696 points.

National turnover was 2.6 billion securities traded, worth $6.9 billion.