NZ shares rise, led by Air New Zealand

New Zealand shares have risen on Thursday, led by Air New Zealand.

The NZX 50 Index rose 23.89 points, or 0.7 per cent, to 3693.54. Within the index, 35 shares rose, seven fell and eight were unchanged. Turnover was about $131 million.

Air New Zealand rose 3.2 per cent to $1.11 and is up about 19 per cent this year. The national carrier last week beat estimates with a 12 per cent drop in annual profit to $71m.

"The gain is probably following on from its strong result," Craig Brown, senior investment analyst at One Path New Zealand.

"It's always a business which has difficulty in forecasting earnings - investors are feeling that positive momentum."

Infratil, the infrastructure investment firm, rose 2.4 per cent to $2.14.

Auckland International Airport, the country's major gateway, climbed 1.2 per cent to $2.60.

Telecom, New Zealand's largest listed company, rose 0.4 per cent to $2.46.

Warehouse Group, the biggest retailer on the NZX 50, rose 0.7 per cent to $2.90 ahead of its earnings on Friday.

The decline was led by Kathmandu, the outdoor clothing retailer that posts its results on September 20, down 4.3 per cent to $1.79, having been one of the retailers bid up earlier in the week.

The stock has gained about 7 per cent this year.

"The share price has enjoyed a strong run," Mr Brown said.

"I just wonder whether some existing shareholders have decided it went too far and are selling ahead of the result."

Briscoe Group, the home and sporting goods retailer, fell 0.5 per cent to $1.95.

The stock has gained about 45 per cent this year and has posted a 29 per cent increase in half-year profit to $13.3m.

NZN