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NZ shares snap six-day losing streak

NZ Newswire logoNZ Newswire 16/09/2016 Sophie Boot

New Zealand shares rose, snapping a six-session streak of declines, led by New Zealand Refining Co, Xero and SkyCity.

The S&P/NZX 50 Index gained 54.28 points, or 0.8 per cent, to 7,250.52. Within the index, 32 stocks rose, 12 fell and six were unchanged. Turnover was $170.3 million.

The local index is down 2.9 per cent this week, starting the week on a sour note when it fell more than it did after the Brexit vote as investors dumped stocks on Wall Street on growing expectations the Federal Reserve would resume hiking interest rates.

"We're just having a bit of a bounce after the weakness we've experienced this week," Grant Williamson, director at Hamilton Hindin Greene, said.

"It's probably been one of the worst weeks we've experienced in quite some time, it's a pretty big move down for the local market after having such a good period."

Williamson said Friday's bounce could also be from money paid to investors from the Nuplex Industries acquisition by Allnex Belgium SA being recycled into other companies.

"We've probably only seen a fraction of it come into the market so far, so over the next few weeks we might see some pretty good buy-in in some of our stocks."

NZ Refining was the best performer, up 4 per cent to $2.35. The country's only oil refinery put out its monthly throughput and margin report yesterday for the July/August period.

Xero advanced 3 per cent to $19.99, while SkyCity lifted 2.5 per cent to $4.58.

Genesis Energy rose 1.8 per cent to $2.25, Meridian Energy gained 1.8 per cent to $2.81, and Mercury New Zealand advanced 1.7 per cent to $2.97.

"The electricity stocks are coming in for a nice bounce today, but they're still lower than they were only a couple of weeks ago," Williamson said.

Stride Property was the worst performer, down 3 per cent to $1.95. Kiwi Property Group dropped 1.7 per cent to $1.465 and Property for Industry fell 1.2 per cent to $1.64.

Outside the main index, New Zealand Oil & Gas fell 4.7 per cent to 51 cents.

Rakon shares climbed 10 per cent to 22 cents after activist shareholders rallied up enough support to dump market director Darren Robinson from the board at Friday's annual meeting as part of an effort to loosen the founding family's grip on the components maker.

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