MARKET CLOSE: NZ shares up, led by Fisher & Paykel

MARKET CLOSE: NZ shares up, led by Fisher & Paykel Healthcare, Ryman

By Sophie Boot

July 20 (BusinessDesk) - New Zealand shares gained, turning around from recent weakness, with Fisher & Paykel Healthcare Corp and Ryman Healthcare leading stocks higher.

The S&P/NZX50 Index rose 37.95 points, or 0.4 percent, to 8,955.54. Within the index, 19 stocks rose, 18 fell and 13 were unchanged. Turnover was $126.5 million.

"The market is firmer today but it is certainly down a little bit for the week which is a bit unusual. The turnaround today has been driven by a couple of stocks - there is a bit of bargain hunting in the higher-yield stocks," said Grant Williamson, director at Hamilton Hindin Greene. The index dropped 0.8 percent overall throughout the week.

Fisher & Paykel Healthcare Corp was the best performer, up 2.1 percent to $14.85. Ryman Healthcare rose 2 percent to $12.24 and Port of Tauranga gained 2 percent to $5.11.

Spark New Zealand gained 1.2 percent to $3.89.

"It has been trending up nicely for a wee while now and it's approaching recent highs from last year, it's only a few cents away. It's a pretty good dividend yielding stock," Williamson said.

A2 Milk Co was unchanged at $10.75, but traded lower throughout the day.

"A2 has been drifting a little in recent times, it's at a low for the month and maybe the lack of news is driving that," Williamson said. "One or two analysts have cut their target price for the stock so that might be creating a bit of selling from investors."

Pushpay Holdings was the worst performer, down 2.9 percent to $4.06, while Vector fell 1.8 percent to $3.31 and Investore Property dropped 1.3 percent to $1.51.

Outside the benchmark index, SeaDragon was unchanged at 0.4 of a cent. Its proposed funding transaction is not fair to non-associated shareholders but the positives outweigh the negatives given the position in the company is in, according to independent advisers Campbell MacPherson.

(BusinessDesk)

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