MARKET WRAP: NZ shares rise on A2, Synlait and F&P trading
New Zealand shares rose today on A2 and Synlait Milk gains, as well as a strong result for Fisher & Paykel Healthcare.
The NZX50 index rose 120.88 points to 8,757.04, on turnover of $167 million.
A2 Milk led the index higher, up 55c to $11, while its supplier Synlait Milk rose 18c to $11.14.
“It’s such a volatile stock, that's actually not such a big move for it,” Hamilton Hindin Greene investment adviser James Smalley says of A2’s result.
Fisher & Paykel Healthcare soared 43c to $13.91.
“I think that's probably a little bit ‘buy the rumour and sell the fact’ for the first couple of days after its result,” Mr Smalley says.
F&P posted a record profit last Monday, with net profit after tax rising 12% to $190.2 million in the year to March 31, at the top end of its forecast $180-190m.
“Now the numbers have been crunched and a number of institutional investors are deciding it’s still a good long-term investment,” says Mr Smalley.
Ryman Healthcare climbed 21c to $11.70.
Sky TV rose 6c to $2.38, Westpac went up 40c to $30.3 and Tourism Holdings climbed 15c to $6.54.
Kathmandu fell 4c to $2.42.
Over on the ASX, Xero was up $A1.10, or 2.68%, to $A42.22 at 5pm NZST.
Mr Smalley says the local market will follow offshore leads for the rest of the week, hoping to catch up after the long weekend.