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Shares fall while A2 Milk rises to the top

NZ Newswire logoNZ Newswire 22/11/2016 Sophie Boot

New Zealand shares fell as Metro Performance Glass, Ryman Healthcare and Auckland International Airport declined while A2 Milk gained following its annual meeting.

The S&P/NZX 50 Index dropped 32.55 points, or 0.5 per cent, to 6,816.4. Within the index, 27 stocks fell, 19 rose and five were unchanged. Turnover was $158.1 million.

Metro Performance Glass led the index lower, down 3.9 per cent to $2.

The company on Monday reported a 5 per cent gain in first-half profit to $11.5 million on a 23 per cent lift in revenue to $116.3 million, as it benefited from a strong local construction market and booked a one-time gain from its acquisition of Australian Glass Group

"It's a little weak following yesterday's result, the stock's been an extremely strong performer of late but there probably wasn't quite the operational leverage that some of the bigger bulls in the market would've been hoping for," said Matt Goodson, managing director at Salt Funds Management. "The company needs to deliver a result that they are cranking in this environment - because if not now, then when? You could not have a better environment."

Ryman Healthcare fell 2.7 per cent to $8.58, Auckland International Airport dropped 2.4 per cent to $6.05, and Sky Network Television declined 2.2 per cent to $4.43.

Fisher & Paykel Healthcare lost 0.6 per cent to $8.66 despite the medical device maker increasing first-half profit 26 per cent to $78.2 million and widening its margins. It reiterated its forecast for a record annual profit this year.

A2 Milk Co was the best performer on the index, up 4.8 per cent to $2.17 after providing a trading update for the four months to October at its annual meeting in Sydney.

Xero gained 2.2 per cent to $18.91 and Genesis Energy rose 1.8 per cent to $2.

Outside the benchmark index, Turners rose 4.9 per cent to $3.44 and NPT fell 4.5 per cent to 64 cents.

No buyers have emerged for the children's clothing retailer Pumpkin Patch, meaning the company will sell all stock and be wound down, with 63 people losing their jobs this week, the receivers said.

Administrators of crime-fighting software company Wynyard have sold its Cognevo division to Australian telecoms giant, Telstra. Christchurch-based Wynyard went into voluntary administration last month after failing to secure emergency funds to keep it going, with the shares last trading at 21.5 cents, having listed at $1.15 per share.

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