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NZ shares gain led by Metlifecare, Chorus

NZ Newswire logoNZ Newswire 28/02/2017 Sophie Boot

New Zealand shares rose on Tuesday, led by Metlifecare and Chorus, while NZ Refining and Genesis Energy dropped after reporting earnings and Intueri Education Group sank 25 per cent on confirmation of loss of its Australian status.

The S&P/NZX 50 Index gained 88.28 points, or 1.2 per cent, to 7,167.46. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $199 million.

Metlifecare led the index, up 3.3 per cent to $6.04. On Monday, it reported a 31 per cent jump in first-half profit that was aided by a gain in the value of its property, while chief executive Glen Sowry cited strong demand for its units and an occupancy rate that has edged up to 97 per cent.

Chorus gained 3.2 per cent to $4.14, Ryman Healthcare rose 3.1 per cent to $8.87, and Trustpower advanced 2.7 per cent to $4.60.

New Zealand Refining was the worst performer, down 2.9 per cent to $2.70. Annual profit sank 69 per cent to $47.2 million from a record a year earlier, with margins significantly lower than 2015 when low global oil prices bolstered earnings.

Genesis fell 1.6 per cent to $2.095. The country's biggest electricity retailer posted an 11 per cent decline in first-half earnings as cheap oil and a wet spring kept wholesale prices low, offsetting better margins on the retail side of the business.

Scales dropped 0.3 per cent to $3.49. New Zealand's biggest apple exporter boosted profit 6 per cent to $38.2 million as it benefited from expanding its business.

"They've delivered another great result, particularly in the horticulture and food ingredients divisions," said Peter McIntyre, investment adviser at Craigs Investment Partners.

Outside the benchmark index, Intueri plunged to 1.2 cents. The ailing private training provider will lose its Australian registration in late March, earlier than its planned exit by the end of the year.

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