Metro Glass leads on 10th day of share rises

The S&P/NZX 50 Index rose 47.07 points, or 0.8 per cent, to 5970.66.

New Zealand shares rose for a 10th straight day, propelling the benchmark S&P/NZX 50 Index to a record high, as investors regain confidence following volatility over the past couple of months.

The S&P/NZX 50 Index rose 47.07 points, or 0.8 per cent, to 5970.66. Within the index, 39 stocks rose, seven fell and four were unchanged. Turnover was $139 million.

New Zealand joined other Asian sharemarkets in posting gains, extending a global stock rally after the European Central Bank signalled it's ready to add more stimulus to boost growth. Higher yielding stocks and growth companies benefited.

"It was another very good day on the local market," said Grant Williamson, a director at Hamilton Hindin Greene. "It's a recovery from a pretty disappointing September quarter.

"[Local investors] have regained confidence now that those offshore markets have settled down somewhat." Williamson said investors were chasing higher yielding stocks in the electricity sector.

TrustPower was up 2.5 per cent to $7.86, Mighty River Power gained 1.3 per cent to $2.76, and Genesis Energy rose 0.8 per cent to $1.895.

Growth stocks such as retirement village companies also advanced as investors seeking a more diversified portfolio returned to the market, Williamson said.

Summerset Group gained 0.8 per cent to $4.01, Metlifecare advanced 0.9 per cent to $4.44, and Ryman Healthcare gained 1.4 per cent to $7.98.

Infratil, which is exposed to the energy and aged care sectors, increased 1.8 per cent to $3.15.

Sky Network Television was the worst performer on the benchmark index, down 2.4 per cent to $4.57. New Zealand's dominant pay-TV company said this week it expects profit will fall as much as 11 per cent in the 2016 financial year.

"Sky TV had a shocking week," said Williamson. "That just shows the competition that is mounting against that company is starting to frighten investors somewhat."

Metro Performance Glass was the best performer on the benchmark index, up 3.2 per cent to a three-month high of $1.61. Vital Healthcare Property Trust, the listed hospital owner and developer, jumped 1.7 per cent to a record $1.76 after it said it had bought two parcels of land which it plans to develop in New South Wales, Australia.

Outside the benchmark, Marsden Maritime Holdings advanced 1.8 per cent to $2.85 and Augusta Capital's shares dropped 1 per cent to 95c after the proposed buyer of its Auckland Finance Centre property abandoned the deal.