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NZ shares rise, led by F&P Healthcare

NZ Newswire logoNZ Newswire 26/05/2017

NZX signage  in Wellington.  (File photo) © Hagen Hopkins/Getty Images NZX signage in Wellington. (File photo) New Zealand shares rose on Friday, led by Fisher & Paykel Healthcare and Sky Network Television, while Ebos and Metro Performance Glass fell.

The S&P/NZSX 50 index added 7.1 points, or 0.1 per cent, to 7441.57. Within the index, 20 stocks gained, 22 fell and eight were unchanged. Turnover was $134 million.

Other Asian markets did not fare as well. Australia's S&P/ASX 200 down 0.6 per cent and Japan's Topix down 0.3 per cent after oil prices tumbled 5 per cent when an agreement by OPEC to extend existing supply curbs disappointed investors wagering on larger cuts.

On the NZX 50, New Zealand Oil and Gas was unchanged at 64 cents.

F&P Healthcare led the market higher, added 2.2 per cent to $10.61. Early this week the medical device maker posted an 18 per cent gain in full-year profit, meeting its guidance amid record annual sale.

"Investors have started to look for a few of the good growth stories" in the New Zealand market, said Hamilton Hindin Greene broker Grant Williamson.

Sky TV added 1.2 per cent to $3.53. Sky and Vodafone this week detailed their appeal against the Commerce Commission's decision blocking their merger.

In another merger case, NZME and Fairfax said Friday they will file papers in the High Court claiming the regulator was wrong in fact and in law in rejecting their planned merger. NZME shares rose 2.6 per cent to 80 cents.

Small cap Future Mobility Systems added 9.1 per cent to 18 cents after it posted a 24 per cent gain in annual profit and said plans to seek a listing on an overseas market are now well advanced.

In the other direction, Ebos shed 1.8 per cent to $17.65 on some profit taking after it gained ground on news it entered an agreement to acquire HPS, Australia's largest provider of outsourced pharmacy services to hospitals, for A$154 million.

Metro Performance Glass shed 1.4 per cent to $1.39. On Thursday, it delivered a $19.4 million net profit for the year to March 31.

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