MARKET CLOSE: NZ shares up, Ryman and Stride gain while Plexure drops on NZX price enquiry

Thursday 4th January 2018

New Zealand shares gained, led higher by Ryman Healthcare and Stride Property, as Plexure Group dropped following a price enquiry.

The S&P/NZX50 Index rose 18.59 points, or 0.2 percent, to 8,443.5. Within the index, 26 stocks rose, 19 fell and five were unchanged. Turnover was a light $89 million.

"The market has had a positive start to the year with good leads from offshore," said Greg Easton, adviser at Craigs Investment Partners. "There's quite a lot of optimism coming out of the US - the tax changes, the economy is growing, jobs news has been good."

Ryman Healthcare led the index higher, up 2.5 percent to $10.91. Stride Property rose 2.3 percent to $1.79, with Auckland International Airport gaining 1.7 percent to $6.69.

Synlait Milk was the worst performer, down 2.7 percent to $6.91, with Air New Zealand falling 1.6 percent to $3.16 and Sky Network Television dropping 1.4 percent to $2.80.

Outside the benchmark index, Tower gained 2.3 percent to 68 cents. A substantial product holder notice filed yesterday shows National Australia Bank ceased to be a substantial shareholder on Dec. 28, when it sold down half its stake in the general insurer, leaving it with 3.7 percent.

Plexure Group plunged 21 percent, or 5 cents, to 19 cents. The company today said it continues to comply with NZX disclosure rules after a price enquiry from the stockmarket operator. The NZX enquiry came after Plexure shares jumped 55 percent, or 8.6 cents, to 24 cents over the course of yesterday.

(BusinessDesk)

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