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NZ shares edge up in light trading

NZ Newswire logoNZ Newswire 13/06/2017

NZX signage  in Wellington.  (File photo) © Hagen Hopkins/Getty Images NZX signage in Wellington. (File photo) New Zealand shares barely moved in quiet trading on Tuesday, with Air New Zealand and Fletcher Building leading gains while Xero declined.

The S&P/NZX 50 index rose 7.34 points, or 0.1 per cent, to 7440.08. Within the index, 21 stocks rose, 21 fell and eight were unchanged. Turnover was $131.1 million.

Trading was quiet for a second day, having been muted when much of Australia was closed for a public holiday on Monday.

Blue chip stocks led gains with Air New Zealand the best performer, up 3.5 per cent to $3.07, while Fletcher Building gained 2.5 per cent to $7.74 and SkyCity advanced 2 per cent to $4.50.

Tegel Group was unchanged at $1.09, although 10.65 million, or 3 per cent of shares on issue, were traded. Of that, some 10.3 million changed hand in a single transaction at $1.075.

"Yesterday we had our lowest volume day this year, obviously with Australia closed but today I don't think we've done much better," said David Price, broker at Forsyth Barr.

"If you strip the Tegel trade out, some of the things are just tiny, volumes are very spartan. Our market has been bouncing along in a holding pattern for a while now."

The dual-listed banks rose with Westpac up 2.1 per cent to $32.10 while ANZ gained 1.9 per cent to $29.56.

Vital Healthcare Property Trust increased 0.2 per cent to $2.23. The Auckland-based property investor has continued its acquisition spree with the purchase of a private mental hospital in Sydney for A$30.3 million.

Xero was the worst performer, down 2.4 per cent to $24. The stock has pulled back this week but is still up 41 per cent in the year.

Fonterra Shareholders' Fund dropped 0.8 per cent to $5.90. ASX-listed Bellamy's Australia plans to raise A$60.4 million from shareholders and will pay nearly half of that to Fonterra in order to change their milk supply contract in its quest to comply with Chinese import regulations.

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