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THL, Meridian lead local shares higher

NZ Newswire logoNZ Newswire 9/01/2017 Sophie Boot

© Getty Images New Zealand shares rose, led by Tourism Holdings and Meridian Energy, while Kathmandu Holdings dropped.

The S&P/NZX 50 Index gained 42.07 points, or 0.6 per cent, to 7,012.73, the first time it's closed above 7,000 since Nov 17 2016. Within the index, 37 stocks rose, nine fell and four were unchanged. Turnover was $89.3 million.

"The market's clearly a bit better but there's not a lot going on - there's a bit more volume today, which is a sign that people are beginning to make their way back into the industry," said Rickey Ward, NZ equity manager at JBWere.

Fisher & Paykel Healthcare rose 1.2 per cent to $8.80, Mainfreight gained 1 per cent to $20.90, and CBL Corp, which is not in the benchmark index, advanced 2.7 per cent to $3.80.

Tourism Holdings was the best performer on the index, up 3.5 per cent to $3.88. Meridian Energy gained 2.7 per cent to $2.65 and Scales Corp rose 2.4 per cent to $3.48.

NZX rose 1 per cent to $1.04. Cash trading on the NZX dropped in December, halting a four-month streak of gains, with both the value and volume of trades declining, the stockmarket operator said today.

Summerset Group rose 0.4 per cent to $4.67. The retirement village operator lifted fourth-quarter sales 6.8 per cent in the final quarter of 2016, led by sales of new retirement village units in a period that included the opening of a new site in Auckland's suburb of Ellerslie.

Kathmandu Holdings was the worst performer, down 3.2 per cent to $1.84. It's fallen 5.6 per cent since Jan 4 when it closed at $1.95. Fletcher Building fell 1.9 per cent to $10.38 and Vista Group International dropped 1.3 per cent to $5.48.

Outside the benchmark index, Pushpay Holdings rose 3.4 per cent to $1.85.

NZX is currently assessing Plexure's recent trading after the stock soared 26 per cent a day before it announced an agreement with the biggest McDonald's franchisee in Latin America and the Caribbean.

Michael Hill International rose 1.5 per cent to $1.33. The jewellery chain said preliminary results show total stores sales growth of 5.7 per cent in the six months to December, bolstered by trading in the Christmas period.

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