Shares in electricity generator Contact Energy advanced 2.6 per cent to close at $5.18.
New Zealand shares reached a fresh record despite a lack of corporate news, with A2 Milk Co, Ebos Group and Contact Energy leading the index higher.
The S&P/NZX 50 Index rose 11.69 points, or 0.2 per cent, to 7503.53. Within the index, 25 stocks rose, 18 fell and eight were
unchanged. Turnover was $133.1 million.
The index was buoyed on Monday after Nuplex shares ceased trading at the close of trade, with money reallocated pushing most stocks higher, Craig Stent, director and research analyst at Harbour Asset Management, said. Nuplex shares will be delisted from the NZX and ASX at the close of trading on September 13.
A2 Milk Co was the biggest gainer, up 3.2 per cent to $1.96. It dropped 17.8 per cent to $1.89 over eight trading sessions after its full-year results were released in late August when it announced a return to full-year profit and a 127 per cent jump in revenue driven by infant formula sales in Australia and China. Investors were concerned about growth in the United States, where progress is behind schedule, which A2 attributed to delays in achieving distribution with a number of larger retailers.
"There are a few offshore buyers, it obviously came under pressure post its earnings result so a bit of a bounce back today," Stent said.
