Local stock index pushes higher

Auckland International Airport shares climbed 1.1 per cent to $5.32. Photo / Dean Purcell

S&P/NZX 50 rises 0.4 per cent.

New Zealand shares rose. Heartland New Zealand advanced after the bank affirmed its profit guidance. Kathmandu Holdings gained on a positive earnings forecast by its would-be acquirer, Briscoe Group.

The S&P/NZX 50 index rose 21.08 points, or 0.4 per cent, to 5891.85. Within the index, 25 stocks rose, 17 fell and eight were unchanged. Turnover was $102 million.

Heartland climbed 4.4 per cent to $1.19, after the Auckland-based lender said profit might rise as much as 15 per cent in 2016, while affirming its guidance for earnings this year to reach the top of its forecast range at about $48 million, up from $36 million in 2014. In the wake of plunging global dairy prices, stretching the balance sheets of some farmers, Heartland sought to assure the market the dairy sector amounted to only about 7.6 per cent of its total lending book.

Kathmandu advanced 3 per cent to $1.72. The outdoor goods retailer is in the middle of a takeover offer from Briscoe Group, which yesterday said first-half profit rose at least 8.1 per cent to $20 million. Outside the benchmark index, Briscoe rose 1.1 per cent to $2.85.

Air New Zealand rose 0.4 per cent to $2.66.

Spark advanced 1.2 per cent to $2.935. Fletcher Building, the building supplies and construction firm, rose 1 per cent to $7.90. Auckland International Airport, the nation's busiest gateway, climbed 1.1 per cent to $5.32.

Outside the benchmark index, Gentrack Group fell 2.3 per cent to $2.15. Chief executive James Docking is to leave next year, ending a decade-long tenure as leader of the transport and utilities software developer.

Turners rose 3.7 per cent to 28c. The finance company has bought Southern Finance for $5 million, giving it greater exposure in the South Island.

Millennium & Copthorne Hotels New Zealand was unchanged at $1.40. The hotel operator and property developer boosted first-half profit by 93 per cent to $12 million.

New Zealand Oil & Gas rose 2 per cent to 50c. The oil explorer says exploration drilling of the Barque prospect in the Canterbury basin is expected to start in 2017.

Moa Group fell 1.8 per cent to 28c. The craft beer maker will give workers another chance to get shares, with a long-term employee option scheme issuing up to 1.2 million share options.