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Fletcher creams it as index goes sky high

NZ NewswireNZ Newswire 12/04/2016 Sophie Boot

Fletcher Building Limited © Getty Images/Dave Rowland Fletcher Building Limited New Zealand shares rose to a record on Wednesday, with strength across Asia as commodity and oil prices rebounded. Fletcher Building, Sky Network Television and A2 Milk Co grew while Orion Health Group dropped.

The NZX50 Index advanced 51.9 points, or 0.8 per cent, to 6,777.92. Within the index, 31 stocks gained, 12 fell and seven were unchanged. Turnover was $178.1 million.

Stocks across Asia rose, with Japan's Nikkei 225 up 2.7 per cent, Australia's ASX 200 rising 1.4 per cent, and Hong Kong's Hang Seng gaining 2.4 per cent.

"Our market was really driven by what happened offshore, we've seen a rebound in commodity prices and oil prices, and all of Asia's trading on the upside," said Peter McIntyre, investment adviser at Craigs Investment Partners.

Fletcher Building led the index, gaining 3.2 per cent to $7.98.

Sky TV grew 3 per cent to $4.80, and Xero advanced 2.9 per cent to $17.19.

Dual-listed banks grew on Australia's strength, with Westpac up 2.6 per cent to $32.90 and ANZ rising 1.6 per cent to $25.63.

A2 Milk Co advanced 1.7 per cent to $1.81, having been the worst performer on the index yesterday. The infant formula producer was hit, along with ASX listed Bellamy's and Blackmores, by investor worries over changes to China's import regulations, but all three rebounded on Wednesday.

Diligent Corp was unchanged at $7.03. Shareholders voted in favour of a takeover by venture capital firm Insight Venture Partners at a special shareholders' meeting on Wednesday.

The company will delist from the NZX on Thursday after a decade, to be replaced by Comvita, and the deal will then close on Friday.

Orion Health was the worst performer, falling 2.4 per cent to $4.10.

Outside the main index, Michael Hill rose 1 per cent to $1.01. The listed jewellery retailer confirmed it will move its primary listing to the ASX, given most of its operations are now based in its dominant market of Australia and its financial reports are in Australian dollars.

Cavalier Corp dropped 2.9 per cent to 67 cents and VMob Group fell 1.1 per cent to 43.5 cents.

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