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NZ stocks snap out of downward streak

NZ Newswire logoNZ Newswire 11/10/2016 Sophie Boot

Sky TV, Tegel and Mainfreight shares all rose, helping snap a five-session downwards streak for the local market. © Ross Setford/Bloomberg News Sky TV, Tegel and Mainfreight shares all rose, helping snap a five-session downwards streak for the local market. New Zealand shares rose for the first time in a week, led by Sky Network Television, Tegel Group Holdings, and Mainfreight.

The S&P/NZX 50 Index rose 7.32 points, or 0.1 per cent, to 7,124.24. Within the index, 26 stocks rose, 19 fell and five were unchanged. Turnover was $127.9 million.

Overnight, Russia's president Vladimir Putin said the country would support joint measures mooted by OPEC to reduce oil production, which would reverse the global slump in prices.

The price of Brent crude oil hit its highest level since Oct. 9, 2015, reaching US$53.73 a barrel, before paring those gains.

"That's flowed through to a gain in commodities which has pulled the Australian market up, and we've kicked on a bit since midday, which is the time when Australia opened," said James Smalley, director at Hamilton Hindin Greene.

Tuesday snapped a five-session downwards streak for the local market, driven by the likelihood the US Federal Reserve will raise interest rates this year.

"Our market had had a pretty strong bout of profit taking post earnings season, lead by foreign investors taking a little bit of profit off the table. Our market is an emerging market for big investors, and they are coming back in and looking to do a bit of bargain hunting," Smalley said.

Sky TV led the index, up 3.1 per cent to $4.99. Tegel Group Holdings rose 2.1 per cent to $1.48 and Mainfreight gained 1.8 per cent to $18.

Fisher & Paykel Healthcare Corp was the worst performer, down 2 per cent to $9.85. Fletcher Building fell 1 per cent to $10.12 and Z Energy dropped 0.9 per cent to $7.96.

Restaurant Brands declined 0.5 per cent to $5.67. The NZX-listed operator of franchises including KFC, Pizza Hut, Carl's Jr, and Starbucks has agreed a deal with the Unite Union in which workers' hours and shifts will be guaranteed on a permanent basis.

Outside the benchmark index, Seadragon was unchanged at 1 cent.

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