NZ shares mixed, A2 milk at record

The S&P/NZX50 Index rose 1.13 points, or 0.015 per cent, to 7711.72. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Turnover was $125.6 million.

A2 Milk led the index for the second day running, up 7.6 per cent to $4.52, a new record.

The stock has gained 16 per cent this week, with a positive research note encouraging investors ahead of the company’s earnings announcement next month, Grant Davies, investment advisor at Hamilton Hindin Greene said.

Oceania Health rose 1 per cent to 97 cents.

The company, which listed in May, said full-year net profit exceeded its forecasts on the back of a lift in the valuation of its care and retirement village assets, at $44.9 million compared to the $25.3m forecast.

“They are pretty successful results for Oceania, early investors are going to be pleased,” Mr Davies said. “It’s yet another success story in the aged care sector.”

Fletcher Building gained 0.8 per cent to $7.84. It has recovered nearly 5 per cent this week.

“It’s continuing to have a bit of a resurgence,” Mr Davies said.

Fonterra Shareholders Fund advanced 0.5 per cent to $6.03.

Fonterra lifted its forecast farmgate payout for the 2018 season to $6.75 per kilogram of milk solids from an earlier projection of $6.50/kgMS.

Ebos Group was the worst performer, down 2.2 per cent to $17.90, while Stride Property fell 1.8 per cent to $1.66.

Sky City dropped 1.4 per cent to $3.45.

Outside the benchmark index, Tower gained 2.8 per cent to 93 cents. Shares in the insurer took a pounding Wednesday in response to the Commerce Commission rejecting a merger application at $1.40 a share from rival Vero.

Source: News Limited

Link: http://www.news.com.au/finance/business/breaking-news/nz-shares-mixed-a2-milk-at-record/news-story/fd32104f8a3d690a58a658af930139e1

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