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NZ shares rise before Anzac Day

NZ Newswire logoNZ Newswire 24/04/2017 Jonathan Underhill

New Zealand shares rose ahead of Tuesday's Anzac Day holiday.

Chorus led the advance on news it will be added to the S&P/ASX 200 Index and Fletcher Building extended its gains after touching a 12-month low last week.

The S&P/NZX 50 Index gained 25.72 points, or 0.4 per cent, to 7222.94. Within the index, 29 stocks gain, 10 fell and 11 were unchanged. Turnover was $105 million.

Chorus rose 3.2 per cent to $4.345. Its shares will join the ASX 200 on May 2, bringing to eight the number of New Zealand companies with a primary listing on the NZX that are also on the Australian index and putting the stock on the radar of fund managers that use it as a benchmark.

The gain in Chorus "will be on the back of a number of funds having to reweight accordingly", said Grant Williamson, a director at Hamilton Hindin Greene.

Fletcher rose 1.3 per cent to $8.01. The shares fell as low as $7.77 last week, the lowest since April 12, 2016.

Fletcher has shed a quarter of its market value this year after the company said complications with two major construction projects meant it wouldn't meet full-year guidance.

NPT shares fell 3.2 per cent to 61 cents following Friday's special meeting of shareholders that voted against a deal with Kiwi Property Group and instead opted to oust chairman Tony Sewell and Jim Sherwin from the board. Kiwi Property was unchanged at $1.41.

Genesis Energy was the biggest decliner on the benchmark index, falling 0.7 per cent to $2.075.

ERoad was unchanged at $2 after the company said its annual loss widened in the 2017 financial year as a boost to investment in the US and changes to the way it amortises development costs weigh on the bottom line, even as sales continue to grow.

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