MARKET WRAP: NZX50 reaches record 9000 mark

Hamilton Hindin Greene investment adviser Grant Davies says the record close is "a tick in the right box" for the NZX50.

Hamilton Hindin Greene investment adviser Grant Davies talks through the day on the markets.

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New Zealand shares rose today to reach a record close of more than 9000 points on the NZX50.

The NZX50 index climbed 111.12 points to 9,053.59, on turnover of $136 million.

“We’ve touched over 9000 [points] a few times but we’ve never managed to close that, so that’s a tick in the right box,” says Hamilton Hindin Greene investment adviser Grant Davies.

A2 Milk climbed 37c to $11.80, while its supplier Synlait Milk jumped 16c to $11.55. 

Orion Health was the best performer, today rising 29c to $11.14 on news of an asset sale plan

The company today said it will sell a majority stake in its core Rhapsody business and a quarter stake in its Population Health division to UK private equity firm HgCapital

“Long-suffering investors will be pleased they’ve come to an agreement to at least ride the ship for a bit,” says Mr Davies.

“You could argue that it’s selling the golden goose, but it’ll keep a stake in the Rhapsody programme and get themselves a bit of cash to stay in the game for the time being.”

Ebos rose $1.25 to $20.50. 

Yesterday the medical product provider inked a $A1 billion five-year supply deal with Australia’s Chemist Warehouse Group, which will take its annual sales to more than $NZ8.5b from July 1 next year.

“[The announcement] has seen increases in the target price across the board from all the analysts who cover the stock,” says Mr Davies.

Spark, which yesterday said 96% of staff offered new "agile" contracts had signed them, rose13c to $3.84, while Trade Me was up 8c to $4.63.

Fonterra Shareholders' Fund sank 6c to $5.24.


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Hmmm wonder what the NZX50 would be today if it was still a pure capital index instead of a piece of Mr Weldon’s window dressing?

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