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NZ shares rise as Fletchers hit high point

NZ NewswireNZ Newswire 31/05/2016 Sophie Boot

NZ shares rise as Fletchers hit high point © Dave Rowland/Getty Images NZ shares rise as Fletchers hit high point New Zealand shares gained as Fletcher Building reached its highest level this year on speculation it will benefit from housing demand, while Auckland International Airport, which fell, was the most heavily traded stock. Orion Health Group, Sky Network Television and Air New Zealand all rose.

The S&P/NZX50 Index rose 19.8 points, or 0.3 per cent, to 7,039.42. Within the index, 27 stocks advanced, 16 declined and seven were unchanged. Turnover was $473.1 million.

Fletcher Building rose 1.5 per cent to $8.95, and is up 20 per cent for the year.

"All the talk about a housing shortage is pretty good news for a stock like Fletcher Building and investors, particularly Australian investors, are pretty keen on the stock at the moment," said Grant Williamson, director at Hamilton Hindin Green.

Orion Health Group was the biggest gainer, up 6 per cent to $5.15.

Auckland International Airport dropped 2.6 per cent to $6.24. The listed airport was the most traded stock on the index, with 25.8 million shares equating to 2.3 per cent of all its shares available, or $161.1 million dollars.

Kathmandu Holdings rose 3.9 per cent to $1.59, A2 Milk Co gained 3.3 per cent to $1.58, and Summerset Group advanced 3.2 per cent to $4.80.

Sky TV gained 2 per cent to $4.50. It's risen 13 per cent in the past fortnight after the stock plummeted when the pay-TV operator said subscriber numbers were expected to fall further this financial year, causing earnings next year to miss analyst estimates.

Air New Zealand advanced 1.6 per cent to $2.25. Today, Chinese airline operator HNA Aviation Group announced it has bought a 13 per cent stake in Virgin Australia. Air New Zealand is considering selling its 25.99 per cent stake in Virgin.

Kiwi Property Group shed 4.2 per cent to $1.485 after giving up rights to a 3.3 cent dividend.

Freightways dropped 3.2 per cent to $6.60, Mighty River Power fell 1.7 per cent to $2.97 and Comvita declined 1.6 per cent to $12.55.

Outside the main index, TruScreen gained 10 per cent to 27.5 cents, Wynyard Group gained 2.8 per cent to 73 cents and VMob Group gained 5.7 per cent to 37 cents.

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