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NZ shares rise, led by A2 Milk's rebound

NZ Newswire logoNZ Newswire 6/09/2016 Sophie Boot

A2 Milk Co was the biggest gainer, up 3.2 per cent to $1.96. © Brendon Thorne/Bloomberg A2 Milk Co was the biggest gainer, up 3.2 per cent to $1.96. New Zealand shares reached a fresh record despite a lack of corporate news, with A2 Milk Co, Ebos Group and Contact Energy leading the index higher.

The S&P/NZX50 Index rose 11.5 points, or 0.2 per cent, to 7,503.53. Within the index, 25 stocks rose, 18 fell and eight were unchanged. Turnover was $133.1 million.

The index was buoyed on Monday after Nuplex shares ceased trading on the NZX at the close of trade, with money reallocated pushing most stocks higher, Craig Stent, director and research analyst at Harbour Asset Management, said.

Nuplex shares will be delisted from the NZX and ASX at the close of trading on Sept. 13.

A2 Milk Co was the biggest gainer, up 3.2 per cent to $1.96. It dropped 17.8 per cent to $1.89 over eight trading sessions after its full year results were released in late August when it announced a return to full-year profit and a 127 per cent jump in revenue that was driven by infant formula sales in Australia and China.

Ebos Group rose 3 per cent to $19.39, Contact Energy advanced 2.6 per cent to $5.18, and Metro Performance Glass rallied 2.4 per cent to $2.17.

Steel & Tube Holdings gained 2.3 per cent to $2.27, while Skellerup Holdings advanced 1.5 per cent to $1.38. Both will drop out of the NZX 50 index on Sept. 16, to be replaced by agribusiness group Scales Corporation and cinema software developer Vista.

"It's only back where it was a couple of months ago," Stent said. "Logically, you would expect Steel & Tube and Skellerup to face pressure coming into that event, and likewise Vista and Scales on the positive side. They're not big index positions, so at the margin, they get knocked around a wee bit."

SkyCity Entertainment Group was the worst performer, down 2.5 per cent to $4.66, while Kathmandu Holdings dropped 2 per cent to $1.95 and Orion Health Group fell 1.5 per cent to $4.02.

Argosy Property was unchanged at $1.165.

Outside the main index, Veritas dropped 6.3 per cent to 30 cents and has fallen 33 per cent this year. The Inland Revenue Department has filed an application to liquidate the business behind the Silverdale Mad Butcher store, the latest issue to hit the listed hospitality company which owns the franchise rights.

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