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24 Mar 2018 17:08
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  •   Home > News > Business

    NZ stocks rise, Summerset a feature

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

    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.


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