News | Business
24 Mar 2018 23:12
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    NZ stocks rise, Summerset a feature

    NZ shares rise on Summerset upgrade; Synlait gains while Argosy, Strike shed dividends.

    13 March 2018

    Air New Zealand
    Air New Zealand

    New Zealand shares rose, bucking a selloff in most stock markets across Asia, as an analyst upgrade for Summerset Group pushed the retirement village operator to a record high.

    Synlait Milk gained, while Stride Property and Argosy Property fell after shedding dividend rights.

    The S/NZX 50 Index increased 9.15 points, or 0.1 per cent, to 8,473.14. Within the index, 20 stocks gained, 23 fell and seven were unchanged. Turnover was worth $124 million.

    Summerset led the benchmark index higher, rising as high as $6.90 and closing up 5.6 per cent to $6.80. First NZ Capital analyst Arie Dekker upgraded the stock to outperform from neutral and raised the target price to $7.37 on the strength of the retirement village operator's development capability. Summerset's annual earnings impressed investors, and the stock has climbed 23 per cent so far this year.

    The upgrade "flowed through to the market pretty quickly on the back of a pretty good result," said Grant Davies, an investment adviser at Hamilton Hindin Greene.

    "It's a pretty low volume day and the market is being dragged along by a couple of reasonable performers."

    Synlait increased 4.9 per cent to $7.90, extending gains since it announced the construction of a new plant in Waikato's Pokeno, which diversifies the milk processor's supply base and will help meet growing customer demand.

    A2 Milk, the country's biggest listed company, rose 0.5 per cent to $13.96, while Fonterra Shareholders' Fund units gained 0.2 per cent to $6.

    Mr Davies said a2 had been a major driver of the NZX 50's gains over the past year, with the stock soaring 73 per cent so far this year and 279 per cent in 2017.

    Pushpay Holdings, rose 2.7 per cent to $4.21 and SkyCity Entertainment Group advanced 1.2 per cent to $4.07.

    Stride Property posted the biggest decline, falling 2.3 per cent, or 4 cents, to $1.68 after shedding rights to a 2.07 cents per share dividend.

    Argosy Property fell 1.9 per cent, or 2 cents, to $1.015, after shedding rights to a 1.55 cents dividend.

    Among companies shedding rights to dividend payments tomorrow, Investore Property gained 1.4 per cent to $1.41, Sky Network Television dropped 1.8 per cent to $2.24, New Zealand Refining was unchanged at $2.46, Metlifecare gained 0.2 per cent to $5.85 and Vital Healthcare Property Trust was unchanged at $2.13.

    Spark New Zealand gained 0.6 per cent to $3.63, Fletcher Building slipped 0.3 per cent to $6.35, Air New Zealand increased 0.2 per cent to $3.28 and Auckland International Airport fell 0.7 per cent to $6.26.


    © 2018 NZN, NZCity

     Other Business News
     24 Mar: Lance O'Sullivan calls for pokies ban
     23 Mar: Armed bank robbery in Whangarei
     23 Mar: Tait wins London bus radio contract
     23 Mar: Auckland sees surge in Chinese tourists
     23 Mar: Robotics Plus gets Yamaha backing
     23 Mar: Kiwi down on yen and greenback
     22 Mar: NZ dollar gains against Australian dollar
     Top Stories

    Isaako channels Dan Carter in record night More...

    Lance O'Sullivan calls for pokies ban More...

     Today's News

    Rugby League:
    Warriors cause more misery for Raiders 21:55

    John Stamos "can't wait" to be a dad 21:45

    Kevin Smith has lost 20lbs since his near-fatal heart attack 21:15

    Hamilton claims Aussie GP pole position 21:15

    Sexual assault allegations against Ed Westwick are being reviewed by authorities 20:45

    United prepared for NBL 'war' in Adelaide 20:25

    Emily Blunt thought she would "die" when she had to fly as Mary Poppins 20:15

    Ellie Goulding will attend Prince Harry's wedding to Meghan Markle 19:45

    Silver Ferns still chasing netball gold 19:45

    Owen Wilson allegedly caused an entire hotel to be evacuated 19:15

     News Search

    Power Search

    © 2018 New Zealand City Ltd