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NZ shares up, Trustpower and Infratil rise

NZ Newswire logoNZ Newswire 13/10/2017 Sophie Boot

NZX in Auckland © Shutterstock NZX in Auckland New Zealand shares gained on Friday, led by Trustpower and Infratil on earnings upgrades, while Fletcher Building gave back gains.

The S&P/NZX50 Index rose 0.3 per cent, or 21.2 points, to 8089.32. Within the index, 26 stocks rose, 16 fell and eight were unchanged. Turnover was $179 million.

Grant Davies, investment advisor at Hamilton Hindin Greene, said the stock market is unperturbed by the continued lack of government.

Winston Peters has now said that the New Zealand First board will meet on Monday, but wouldn't give a deadline for a decision being made.

"The market has been through this before, it's really just boiling down to what companies are doing rather than what the government is doing," Mr Davies said.

"Stocks are being driven by momentum at the moment."

Xero, Synlait Milk and A2 Milk, all of which have seen strong gains over the past fortnight after positive news, continued to rise Friday.

Xero gained 3.1 per cent to $35.10; Synlait rose 0.3 per cent to $7.48; and A2 advanced 0.4 per cent to $7.77.

Trustpower led the index, up 3.9 per cent to $5.89.

It raised annual earnings guidance for a third time this financial year with strong wholesale electricity prices on both sides of the Tasman, and also boosting the outlook for controlling shareholder Infratil whose shares gained 1.6 per cent to $3.16.

Fisher & Paykel Healthcare rose 1.3 per cent to $12.82. It is considering whether to appeal a German ruling that rival ResMed did not infringe its patents in one of the cases in the continuing intellectual property dispute over its face and nasal masks.

Fletcher Building was the worst performer, down 1.9 per cent to $7.71, though Mr Davies said the stock was just giving back gains.

Outside the benchmark index, Warehouse Group dropped 0.9 per cent to $2.14.

Founder Stephen Tindall will take a year off from the board to focus on preparations for Auckland to host the America's Cup.

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