NZ shares keep climbing after record high

The NZX 50 has now gained more than 9 per cent in the year to date.

New Zealand shares are gaining ground on yesterday's record close as investor sentiment continues to recover from the volatility that enveloped markets earlier this year.

The S&P/NZX 50 was up 0.2 per cent at 6,088.33 in early trading, with alternative milk producer A2 leading the pack, up 2.6 per cent.

A2, whose shares have gained more than 40 per cent since November 3, has benefited from bullish Australian investor appetite for businesses operating in the lucrative infant formula space.

At its annual meeting last week, A2 raised its full-year earnings guidance, saying sales of its Platinum formula brand were tracking ahead of expectations.

Other NZX 50 stocks making gains today include Orion Health, up 1.6 per cent, and Meridian Energy, up 0.9 per cent.

Tower shares were down 1 per cent after the insurer today reported a $7 million annual loss, compared with a profit of $23.6 million a year earlier, as it prepared for more expensive Canterbury earthquake claims.

Mark Lister, of Craigs Investment Partners, said last night that the market appeared to be feeling "more comfortable".

"The US market last week had its best week in more than a year, and of the last eight weeks, seven have been up weeks so its been a very strong rebound that we've seen from most markets around the world," Lister said.

The NZX 50 has now gained more than 9 per cent in the year to date.

Outside the benchmark index, shares in Intueri Education Group are continuing to slump after the company yesterday said a regulatory review of two of its schools could wipe up to $5 million off full-year earnings.

Intueri shares were down more than 11 per cent this morning, at 80c, after falling 31 per cent yesterday.