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Current as of 24/02/17 07:39PM NZST

Share prices rise as some stability returns to global markets

The S&P/NZX 50 Index rose slightly over the week, having closed at 6158.1 last Friday, despite volatility around the globe pushing the benchmark around.
The S&P/NZX 50 Index rose slightly over the week, having closed at 6158.1 last Friday, despite volatility around the globe pushing the benchmark around.

New Zealand shares rose after some stability returned to global markets, though news remains scarce ahead of reporting season. Spark New Zealand, Sky Network Television, and Fletcher Building all gained.

The S&P/NZX 50 Index climbed 59.81 points, or 1 per cent, to 6169.1. Within the index, 36 stocks rose, seven fell and seven were unchanged. Turnover was $95 million.

The index rose slightly over the week, having closed at 6158.1 last Friday, despite volatility around the globe pushing the benchmark around. Stocks on Wall Street were up and oil prices, which fell below US$30 earlier in the week due to a global oversupply, regained some ground.

READ MORE:
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Wall St up as oil price recovers

"I don't think we're out of the woods yet," said Mark Lister, head of private wealth research at Craigs Investment Partners. "There's been a bit of stability in the market overnight and today, but there's more volatility and bits of bad news out of certain parts of the world to come."

Spark gained most yesterday, rising 2.9 per cent to $3.355, a six-week high. Z Energy advanced 2.5 per cent to $6.47. The petrol station chain, which is seeking to takeover rival Chevron New Zealand's brands, wants more in-depth company reporting on non-financial measures including workplace safety, and more fulsome executive pay disclosure.

Fletcher Building gained 2.5 per cent to $6.93. Sky TV rose 2.4 per cent to $4.31. It hit a low of $4.118 on Tuesday, the lowest since August 31, 2009. Air New Zealand jumped 2 per cent to $3.08, a thirteen and a half-year high, the airline benefiting from low oil prices.

Meridian Energy gained 2.1 per cent to $2.39, Mighty River Power rose 2 per cent to $2.83, and Goodman Property Trust advanced 1.6 per cent to $1.25. Metlifecare climbed 1.6 per cent to $4.38, and Heartland Bank grew 1.6 per cent to $1.30.

Yesterday's low turnover was down to investors waiting to see what happened both globally and locally, ahead of company reporting season in February, Lister said.

Ryman Healthcare was the worst performer, falling 1 per cent to $8.21. Trustpower dropped 0.9 per cent to $7.68, and Auckland International Airport shed 0.7 per cent to $5.59.

Outside the benchmark index, Bethunes Investments was unchanged at 1.7c.

Shareholders in Bethunes, have agreed to sell its Webb's auction house for $800,000 to Australia's Mossgreen.

- BusinessDesk

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