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Metlifecare rises on upbeat analyst view

NZ NewswireNZ Newswire 5/05/2016 Sophie Boot

Metlifecare rises on upbeat analyst view © SNPA / Ross Setford Metlifecare rises on upbeat analyst view New Zealand shares rose, outperforming equity markets across Asia, as a brokerage gave an upbeat assessment of retirement village operator Metlifecare. Auckland International Airport and Z Energy gained while Kathmandu Holdings fell.

The S&P/NZX 50 Index gained 52 points, or 0.8 per cent, to 6,876.49. Within the index, 31 stocks rose, 10 fell and eight were unchanged. Turnover was $137.4 million.

Asian markets have fallen for seven consecutive sessions with mixed economic data across the region keeping investors concerned about growth.

Metlifecare rose 3.4 per cent to $5.50, a price not seen since January 2008 after First NZ Capital analysts said in a report that the retirement village operator will benefit in coming months from a ramp-up in development, change in leadership, and supportive business conditions.

"We see MET's pipeline of build as more attractive than it has been for many years and we expect new management over time to accelerate both the build programme and also site purchases," the analysts said.

Rival Ryman Healthcare rose 1.8 per cent to $8.99 and Summerset Group Holdings gained 0.5 per cent to $4.36.

The local market is up 7.9 per cent for the year, while Australia's ASX 200 is down 0.5 per cent and the Hang Seng has fallen 6.6 per cent. It reached a record 6,906.1 last month before falling back, though is nearing that high again.

Auckland International Airport led the index, up 4 per cent to $6.445.

Vital Healthcare Property Trust gained 3.4 per cent to $2.15, and Meridian Energy advanced 2.9 per cent to $2.63.

Z Energy rose 1.1 per cent to $7.97, a record.

Units in Fonterra Shareholders' Fund gained 0.3 per cent to $5.82.

Kathmandu Holdings fell furthest, down 2.6 per cent to $1.52, a two-month low.

Xero dropped 1.6 per cent to $15.24 and Chorus declined 1.2 per cent to $4.01.

Outside the main index, Tourism Holdings gained 1.9 per cent to $2.72.

GeoOp, which last traded on Wednesday at 28 cents, has overwhelmingly approved a merger with Australian mobile sales app developer InterfaceIT and welcomed Roger Sharp to the board, where he is to replace Mark Weldon as chairman.

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