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Auckland Airport climbs to record

NZ NewswireNZ Newswire 7/07/2016 Jonathan Underhill

New Zealand shares rose as Summerset Group announced a jump in quarterly sales of occupation rights at its retirement villages and shareholders of Nuplex Industries voted in favour of the resins maker being acquired by Belgian company Allnex. Auckland International Airport climbed to a record.

The S&P/NZX 50 Index rose 30.28 points, or 0.4 per cent, to 7007.51. Within the index 27 stocks rose, 17 fell and seven were unchanged. Turnover was $175 million.

Summerset rose 3.3 per cent to $4.71. The Wellington-based company lifted occupation rights sales 28 per cent to 185 in the three months ended June 30, the best quarter since the company was founded and said it expects a new village in the Auckland suburb of Ellerslie to underpin sales growth.

"Summerset gave good solid confirmation that the business is on track," said Shane Solly, a director at Harbour Asset Management.

Ryman Healthcare rose 1.1 per cent to $9.55 while Metlifecare fell 0.9 per cent to $5.55.

Nuplex rose 1.7 per cent to $5.27 after shareholders approved the sale of the company to Allnex for $1 billion. Independent directors had recommended shareholders accept the offer of $5.55 per share, which includes the 12 cents per share interim dividend already paid.

Michael Hill International jumped about 15 per cent to $1.31. The listed jewellery chain that's shifting its primary listing to Australia, lifted annual earnings by as much as 5.9 per cent, boosting sales across all its territories and opening new Emma & Roe stores.

Auckland Airport rose 1.6 per cent to $6.99, a record-high close. Solly said there had been initial concerns post-Brexit that there could be some impact on travel from the UK which is one of the major sources of visitors to New Zealand.

Trade Me rose 2.3 per cent to $5 after positive research reports from brokerages.

A2 Milk rose 1.7 per cent to $1.84. Solly said sentiment has been lifted by reports that Danone is close to an agreement to acquire WhiteWave Foods in the US, in a deal reportedly valued at US$10 billion.

Vector rose 1.8 per cent to $3.33 and Fletcher Building gained 1.2 per cent to $8.70.

Westpac rose 2.3 per cent to $29.87 and ANZ gained 1.3 per cent to $24.28.

Fisher & Paykel Healthcare fell 1.5 per cent to $10.13 and was the biggest decliner on the index, having reached a record $10.82 on June 1.

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