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NZ shares mixed, Heartland rises to record

NZ Newswire logoNZ Newswire 13/03/2017 Sophie Boot

New Zealand shares were mixed on Monday, with Heartland Bank hitting a record and Sky Network Television gaining, while Warehouse Group dropped after news it will leave the benchmark index.

The S&P/NZX50 Index gained 17.2 points, or 0.2 per cent, to 7,194.79. Within the index, 28 stocks fell, 15 rose and seven were unchanged. Turnover was $120 million.

"We've bucked the trend a little bit today, Australia is trading lower but we're up. A couple of our larger stocks are trading firmer to get our index in the positive,'' said Grant Williamson, director at Hamilton Hindin Greene.

''Fisher & Paykel Healthcare, where obviously the weakness in the kiwi dollar is creating some buying interest in that stock, and Spark,"

F&P Healthcare gained 2.3 per cent to $9.80, while Spark New Zealand rose 2 per cent to $3.65.

Sky TV was the best performer, up 3.5 per cent to $3.84. The stock dropped after Sky's proposed merger with Vodafone NZ was declined by the Commerce Commission last month, and investors are doing some bargain hunting, Mr Williamson said.

Heartland Bank gained 1.9 per cent to an all-time high $1.62. It has completed $40 million of capital raising after its discounted share purchase plan closed more than three times oversubscribed.

The lender raised $20 million selling shares to existing investors at $1.46 apiece, saying the offer would be scaled back because it received applications for $62 million of shares.

Summerset Group was the worst performer on the index, down 3.3 per cent to $5.22, while Goodman Property Trust dropped 2.5 per cent to $1.195 and NZX fell 1.8 per cent to $1.07.

Warehouse dipped 0.4 per cent to $2.48. It will leave the NZX50 Index when it rebalances on March 20, to be replaced by Sanford.

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