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NZ stocks rise, led by MetroGlass

NZ Newswire logoNZ Newswire 28/04/2017 Rebecca Howard

New $10 notes. © Mark Tantrum/Getty Images New $10 notes. New Zealand shares ended higher on Friday as positive economic data cheered investors and bargain hunters turned to stock like Metro Performance Glass.

SkyCity Entertainment Group, however, fell after posting weaker third-quarter sales and A2 Milk lost ground as investors took profits.

The S&P/NZX 50 Index gained 24 points, or 0.3 per cent, to 7378.58. Within the index, 26 stocks gained, 14 fell and 10 were unchanged. Turnover was $197 million.

Forsyth Barr broker David Price said the market has been "relatively quiet," given each of the past three weeks has been shortened by holidays.

The New Zealand bourse continues to garner investor interest on the back of solid economic data.

Earlier Friday, Stats NZ reported that merchandise exports rose to their highest monthly level in two years in March as the value of dairy exports to China jumped by two-thirds.

The ANZ Business Outlook survey showed business confidence stayed upbeat in April as firms expect to see more activity on their own books and generate bigger profits.

MetroGlass led the index higher, adding 3 per cent to $1.38. Mr Price said the stock has been hit by a "fairly bad savaging of late" with a few large parcels going through.

"Now that stock has cleared, it's had a little bounce," he said.

Fletcher Building added 0.8 per cent to $8.55. Investors may also have been cheered by news the government is planning to up its infrastructure spend.

The index was also helped by a 2.1 per cent gain in Auckland International Airport to $6.90, as investors remain upbeat about strong tourism and migration numbers.

In the other direction, A2 Milk shed 4.3 per cent to $3.38 on some profit-taking.

Metilifecare added 0.2 per cent to $5.81 after the company bought a 2.4 hectare site in Auckland's Botany suburb which it plans to spend $140 million developing into a 160-unit retirement village.

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