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NZ shares rise, led by Trustpower and Xero

NZ Newswire logoNZ Newswire 31/05/2017

Perpetual Guardian was the brainchild of Andrew Barnes, who began buying trustee firms in 2013. © AAP Images Perpetual Guardian was the brainchild of Andrew Barnes, who began buying trustee firms in 2013. New Zealand shares edged up on Wednesday, with international index changes boosting turnover. Trustpower, Xero and Argosy Property gained.

The S&P/NZX50 Index rose 6.95 points, or 0.1 per cent, to 7418.9. Within the index, 31 stocks rose, 11 fell and eight were unchanged. Turnover was $270 million.

David Price, director of institutional equities at Forsyth Barr, said volumes Wednesday had been pumped up by changes to MSCI indices but generally volumes had been weak, and the index was looking flat on the day without a great deal of news to drive it forward.

"Australian ownership in the market is running at an all-time high," Mr Price said.

"The Aussies continue to buy our market, they like it - they see the economics and if you look at how their market has performed, for the month to date they're down 4.5 per cent and we just continue to whirr on.

''They tend to buy the bigger stuff - (Fisher & Paykel) Healthcare and A2 being popular, and it's no coincidence those two have performed pretty well."

F&P Healthcare gained 0.3 per cent to $10.70 and A2 gained 0.3 per cent to $3.38.

Trustpower was the best performer, up 3 per cent to $5.24, while Xero rose 2.3 per cent to $25 and Argosy Property gained 2 per cent to $1.03.

Metlifecare dipped 0.5 per cent to $5.49. The company has named Richard Thomson, Air New Zealand's general manager commercial, as chief financial officer starting in mid-September.

Ryman Healthcare was the worst performer, down 1.4 per cent to $8.33, while Fletcher Building dropped 1.2 per cent to $7.56, with about $32 million apiece of stock trading.

Auckland International Airport fell 0.6 per cent to $6.99, with $21 million of shares traded.

Outside the benchmark index, NPT dropped 0.8 per cent to 60.5 cents and Oceania Natural was unchanged at $1.40.

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