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NZ shares rise as Synlait hits new record

NZ Newswire logoNZ Newswire 12/10/2017 Sophie Boot

NZX in Auckland © Shutterstock NZX in Auckland New Zealand shares rose on Thursday as overseas investors continue to chase export-orientated growth stocks, with Synlait Milk and Xero extending gains.

Investors also took booking profits from Fisher & Paykel Healthcare's recent rally.

The S&P/NZX50 Index edged up 7.14 points, or 0.008 per cent, to 8068.12. Within the index, 28 stocks rose, 13 fell and nine were unchanged. Turnover was $157 million.

"The market has certainly taken in its stride post-election - there were a couple of slow trading days but since then it has been onwards and upwards, though it is being driven by half a dozen stocks," said Peter McIntyre, investment adviser at Craigs Investment Partners.

"That order flow really starts to pick up in the afternoon when the Australian market opens - that offshore funds flow coming into the marketplace, particularly for the stocks that have good liquidity and are sought after.

''A2, Fisher & Paykel, Xero and Synlait has also caught investors' attention. They are tending to be growth-oriented stories as well," he said.

Synlait Milk led the index, up 6 per cent to $7.46, a fresh record.

Xero rose 0.3 per cent to $34.05 while A2 Milk dipped 0.1 per cent to $7.74.

Synlait has gained over the past fortnight after gaining approval from Chinese regulatory authorities to export infant formula it provides to A2 Milk.

"A number of investors are keen to have a stake in Synlait," Mr McIntyre said.

Fisher & Paykel Healthcare was the worst performer, down 3 per cent to $12.66. The stock has gained 53 per cent this year and spiked to a record $13.05 Wednesday.

Restaurant Brands rose 2.2 per cent to $6.90 and Z Energy gained 1.7 per cent to $7.23.

Outside the benchmark index, Rakon gained 14 per cent to 25c, Serko rose 22 per cent to $1.10 and Scott Technology advanced 0.7 per cent to $3.12.

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