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NZ shares up as Sky TV, Westpac gain

NZ Newswire logoNZ Newswire 15/02/2017 Sophie Boot

New Zealand shares rose, led by Sky Television and Westpac, while Tegel and A2 Milk dropped.

The S&P/NZX50 Index gained 29.12 points, or 0.4 per cent, to 7,180.02. Within the index, 30 stocks rose, 10 fell and 10 were unchanged. Turnover was $164.3 million.

Sky TV led the index, up 3.4 per cent to $4.59, recovering some of its losses from earlier this week when it shed dividend rights. Westpac rose 2.5 per cent to $35.70 and Spark 2.5 per cent to $3.71 ahead of its earnings announcement on Friday.

A2 Milk dipped 0.4 per cent to $2.56, though it traded higher for most of the day. The milk marketer more than tripled its first-half profit to $39.4 million as demand for its A2 Platinum infant formula surged in its key Australia, New Zealand and China markets. The company anticipates adopting a dividend policy after its 2017 full year results.

Tegel was the worst performer, down 2.3 per cent. Australian rival Ingham's expects New Zealand's oversupply of chicken to continue this year, keeping prices cheap and crimping its local earnings. Both companies have had to contend with low domestic prices with chicken supply outstripping demand over the past six months.

Restaurant Brands fell 1.8 per cent to $5.36, Trustpower dropped 1.1 per cent to $4.54 and Auckland International Airport declined 1.1 per cent to $6.875.

Outside the benchmark index, cancer diagnostics company Pacific Edge gained 6 per cent to 53 cents after undertaking an $8 million share placement to institutional and other select investors in New Zealand in order to shore up its balance sheet.

Pushpay Holdings rose 3.1 per cent to $2.01. The mobile app developer has entered a funding agreement for a research and development grant from Callaghan Innovation.

Trilogy International declined 2.7 per cent to $2.53.

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