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NZ shares rise as blue-chips follow Asia

NZ Newswire logoNZ Newswire 22/05/2017 Rebecca Howard

NZX signage  in Wellington.  (File photo) © Hagen Hopkins/Getty Images NZX signage in Wellington. (File photo) New Zealand shares rose on Monday as companies including Spark and SkyCity joined a rally across Asia.

Earnings that met expectations from Fisher & Paykel Healthcare and Kiwi Property Group, however, failed to inspire investors.

The S&P/NZX 50 Index rose 17.39 points, or 0.2 per cent, to 7409.5. Within the index, 17 rose, 11 were unchanged and 22 fell. Turnover was a relatively quiet $101 million.

The local bourse took its lead from Asia with Japan's Topix up 0.4 per cent in afternoon trading while Hong Kong's Hang Seng notched up a 1 per cent gain.

Australia's S&P/ASX 200 index was up 0.8 per cent, as three of the four large banks attracted some bargain hunting by investors.

Spark led New Zealand's benchmark index high, rising 2.9 per cent to $3.735, while SkyCity gained 2.1 per cent to $4.43.

Metro Performance Glass rose 1.5 per cent to $1.35 ahead of its scheduled earnings on Thursday.

Hamilton Hindin Green Broker Grant Williamson said there was some buying interest in a few large caps, such as the telcos, however, it had been a "slow start to the week and investors are really waiting for a further catalyst".

Earnings season continued with F&P Healthcare, which fell 0.7 per cent to $10.10, after the company posted an 18 per cent gain in full-year profit, meeting its guidance amid record annual sales, and said sales in the current year may reach $1 billion.

Kiwi Property Group declined 0.4 per cent to $1.42 after posting a 43 per cent fall in annual profit.

Among other companies reporting, Evolve Education Group dropped 1.9 per cent to $1.03 after it posted a 1.5 per cent gain in full-year profit as revenues continued to rise.

Comvita was again the biggest decliner on the top 50 index, falling 4.8 per cent to $5.62 and taking its slide to 34 per cent since early April.

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