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Mixed day for NZ shares

NZ Newswire logoNZ Newswire 24/01/2017 Sophie Boot

New Zealand shares were mixed, with Comvita bouncing off Monday's lows and Z Energy up, while Tegel Group Holdings and Auckland International Airport fell.

The S&P/NZX50 Index dropped 3.69 points, or 0.05 per cent, to 7,064.16. Within the index, 21 stocks rose, 20 fell and nine were unchanged. Turnover was $114.9 million.

"It just seems to be most stocks, in the absence of news, are kind of flat, or every week it's one's turn for bargain hunters to think 'this looks a bit cheap' and bid it up," said Hamilton Hindin Greene's James Smalley.

Comvita was the best performer, bouncing 7.5 per cent to $6.99, having dropped 17 per cent on Monday after the manuka honey products maker warned annual earnings will tumble by about two-thirds.

"It wasn't like something had occurred to affect product margins permanently, it was just a lack of product. The nature of their business is they're always going to be subject to climatic issues, maybe buyers are looking at longer-term prospects for that sector of the market, good demand from middle-class Chinese consumers."

Vector rose 2.2 per cent to $3.26 while Arvida Group gained 1.5 per cent to $1.37, while Z Energy gained 0.8 per cent to $7.50 on the news the company may review its interim distribution policy after reducing debt levels ahead of schedule.

Smalley said there had been a continuation of buying into stocks which have been sold down in the previous few months, such as Fisher & Paykel Healthcare, which gained 0.8 per cent to $9.01, and Infratil, which rose 0.9 per cent to $2.965.

Tegel Group Holdings was the worst performer, down 2.3 per cent to $1.30, with Auckland International Airport dropping 1.5 per cent to $6.75 and Scales Corp falling 1.2 per cent to $3.39.

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