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NZ shares rise, Freightways hits record

NZ Newswire logoNZ Newswire 31/03/2017 Sophie Boot

New Zealand shares gained on Friday, led by Vista Group International and Xero, while Goodman Property and Arvida Group declined.

The S&P/NZX 50 Index rose 27.67 points, or 0.4 per cent, to 7,196.78. Within the index, 25 stocks rose, 19 fell and six were unchanged. Turnover was $203.7 million.

Vista Group International was the best performer, up 2.8 per cent to $5.98, while Xero gained 2.6 per cent to $19.79.

Freightways rose 2.6 per cent to $7.49, an all time record, and has gained 19 per cent in the past 12 months.

"It's been an extremely good performer for quite some time now, and with retail stocks saying e-sales are growing it stands to benefit," said Grant Williamson, director at Hamilton Hindin Greene.

Sky Network Television gained 1.8 per cent to $3.92. The stock dropped to a near-six year low of $3.78 on February 23 after the Commerce Commission rejected its proposed merger with Vodafone. The companies have lodged a High Court appeal against the decision.

Goodman Property was the worst performer, down 1.6 per cent to $1.205, while Arvida Group declined 1.6 per cent to $1.27 and Metro Performance Glass dropped 1.5 per cent to $1.30.

Retirement village operator Oceania Healthcare announced it is planning to raise $200 million in a much-anticipated initial public offering in order to cut its debt and potentially buy new development sites, and will list on the NZX and ASX.

"It could put a little bit of pressure on other listed retirement village stocks, investors don't want to get overexposed to that sector so you might see a bit of weakness but I wouldn't expect too much," Mr Williamson said.

Listed retirement village operators declined Friday, with Summerset Group down 1 per cent to $5.17 and Metlifecare dipping 0.3 per cent to $6.13.

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