MARKET WRAP: NZ shares rise on A2, Synlait and F&P trading
The NZX50 index rose 120.12 points to 8,756.28, on turnover of $139 million.
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.
Mackenzie Smith
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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MARKET WRAP: NZ shares rise on A2, Synlait and F&P trading
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