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NZ shares rise, led by Warehouse and Ryman

NZ NewswireNZ Newswire 31/08/2016 Sophie Boot

New Zealand shares rose as investors reshuffled their portfolios following earnings season, with Warehouse Group and Ryman Healthcare up while Orion Health Group dropped.

The S&P/NZX 50 Index gained 10.88 points, or 0.2 per cent, to 7,398.83. Within the index, 24 stocks rose, 23 fell and four were unchanged. Turnover was $186.3 million, a recovery from two quiet days earlier in the week.

"There's again a little profit taking today, reporting season is now over and it was a bit of a case of 'buy the rumour, sell the fact' - now investors have decided to take a few profits," Grant Williamson, director at Hamilton Hindin Greene said.

Warehouse Group was the biggest gainer, up 2.5 per cent to $1.91.

Retirement stocks improved, with Ryman Healthcare rising 1.9 per cent to $9.60, Summerset Group gaining 1.5 per cent to $5.50 and Metlifecare advancing 0.8 per cent to $6.10.

"They're coming in for a bit of buying today, both Metlifecare and Summerset beat market expectations," Williamson said. "That's a sector that seems to be outperforming the rest of the market."

Sky TV gained 1.7 per cent to $4.86 and Trustpower rose 1.3 per cent to $7.85.

Orion Health Group was the worst performer, down 3.5 per cent to $4.10. The stock is up 32.8 per cent this year, having reached a 13-month high of $5.31 in June, but has fallen back since then.

Chorus dropped 3.2 per cent to $4.25 while Steel & Tube Holdings fell 1.3 per cent to $2.34.

Fisher & Paykel Healthcare Corp declined 2.1 per cent to $9.67 and Westpac Banking Corp was down 1.6 per cent to $30.56.

Outside the main index, Veritas fell 17 per cent to 39 cents. The listed hospitality group, which owns the Mad Butcher franchise and the Nosh food markets, suffered after its unaudited full-year results showed heavy losses and a board weighing up whether the business is still a going concern.

Comvita dropped 1.5 per cent to $10.10 while SeaDragon was unchanged at 1.2 cents.

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