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Shares up as market draws bargain hunters

NZ NewswireNZ Newswire 24/11/2016 Jonathan Underhill
Fisher and Paykel's Head office in East Tamaki © Bloomberg Fisher and Paykel's Head office in East Tamaki

New Zealand shares rose, led by Tower, Chorus and A2 Milk, as the benchmark index's 14 per cent slide from its early September highs drew some investors back to the market.

The S&P/NZX 50 Index advanced 31.78 points, or 0.5 per cent, to 6,883.25. Within the index, 25 stocks rose, 20 fell and six were unchanged. Turnover was $155 million.

Fisher & Paykel Healthcare was the biggest mover by volume, rising 2.3 per cent to $8.34. That follows turnover of 6.9 million yesterday when the stock sank to a 12-month low.

Tower, the general insurer sold off in the immediate aftermath of the Kaikoura earthquake, rose 2.7 per cent to 75.5 cents and Chorus rose 2.7 per cent to $3.88.

The market "was off 10 per cent from its highs - time to wade back in," said David Price, a broker at Forsyth Barr.

F&P Healthcare had fallen on a broker report highlighting the risks in its intellectual property dispute with American rival ResMed, which it vowed in August to vigorously contest.

A2 Milk extended its gains, rising 2.6 per cent to a record close of $2.37. The company told shareholders this week that net profit was $22 million in the first four months of the year, from $3.2 million in the same period a year earlier.

Vital Healthcare Property Trust led gains among property investors, rising 2 per cent to $2.04, while Kiwi Property Group gained 1.1 per cent to $1.425. Property for Industry rose 0.7 per cent to $1.55 and Stride Property gained 0.6 per cent to $1.84. Augusta Capital rose 2 per cent to $1.02 after posting a 28 per cent drop in first-half profit.

Moa Group rose 1.3 per cent to 80 cents after posting a narrower first-half loss after lifting sales while trimming costs and said it expects to continue driving revenue growth while holding expenses at bay.

Gentrack Group rose 2 per cent to $3.52 after confirming a 3 per cent gain in full-year profit and announcing a higher final dividend as margins widened.

AFT Pharmaceuticals was unchanged at $3.02.

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