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NZ shares rise as Comvita rallies

NZ Newswire logoNZ Newswire 25/01/2017 Sophie Boot

New Zealand shares rose, with Comvita continuing its bounce from Monday's plunge and Tegel Group Holdings gaining.

The S&P/NZX 50 Index gained 26.76 points, or 0.4 per cent, to 7,090.92.

Within the index, 30 stocks rose, 12 fell and eight were unchanged. Turnover was $145.2 million.

"Following on from offshore leads, it's a sea of green everywhere," said Forsyth Barr's David Price.

"It's picking up but it's still relatively quiet, this is kind of the first week back. The market has gone into cruise mode coming up to reporting season, it's kind of late to be getting any confessions now."

Comvita led the index, rising 4.4 per cent to $7.30. The manuka honey products maker's shares dropped 17 per cent on Monday after it warned annual earnings will tumble by about two-thirds, but bounced 7.5 per cent on Tuesday.

"The reaction was reasonably extreme, so it's just correcting a bit of that aggressive selling we saw on Monday," Price said.

Tegel Group Holdings, Tuesday's worst performer, rose 3.1 per cent while Port of Tauranga gained 2.3 per cent to $4.09,.

Air New Zealand advanced 0.5 per cent to $2.20, despite passenger revenue in the first six months of the company's financial year falling sharply.

Genesis Energy gained 0.5 per cent to $2.16 after the country's largest energy company by customer numbers said electricity retail connections fell by 1.2 per cent in the last quarter of 2016.

SkyCity Entertainment Group was the worst performer, down 0.8 per cent to $3.87, and Ebos Group declined 0.8 per cent to $16.80.

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