New Zealand shares rose as Sky Network Television gained on perceptions it may be closer to fair value after shedding a quarter of its worth while New Zealand Refining dropped.

The S&P/NZX 50 Index gained 6.23 points, or 0.09 per cent, to 6909.86. Within the index, 24 stocks rose, 20 fell and six were unchanged. Turnover was $143.8 million. Sky Network Television led the index, gaining 4.7 per cent to $4.21. The stock dropped 26 per cent over four sessions since May 6 after saying subscriber numbers were expected to fall further this financial year, meaning earnings next year would miss analyst estimates. It hit a six-year low of $3.98 last Friday.

"It's been under very heavy pressure and it's bouncing, although I would caution that it's on low volumes relative to when it was sold off -- we'll have to see whether that's sustained or not," said Matt Goodson, managing director at Salt Funds Management, which won fund manager of the year at the 2016 Institute of Finance Professionals awards on Thursday night. Restaurant Brands gained 1.9 per cent to $5.45, Spark rose 1.6 per cent to $3.73 and Metro Performance Glass advanced 1.6 per cent to $1.89.

Ryman Healthcare rose 0.3 per cent to $9.63. It posted another record full-year profit, rounding out 14 straight years of earnings growth as New Zealand's largest retirement village operator ramped up its Australian expansion and increased re-sales of occupation rights.


"It's perhaps a touch disappointing. The result itself for this year was in line but delays in consenting at its second Melbourne development suggests it may miss its development target for next year," Goodson said.

"The stock, in line with all retirement village stocks, has been on a real run of late so when you've had such a strong run you do need to deliver perfection to justify it."

NZ Refining was the worst performer, down 4.3 per cent to $2.44, a one-year low. It's fallen 32 per cent this year.

Steel & Tube fell 3.8 per cent to $2.04 and Meridian Energy dropped 2.8 per cent to $2.61. A2 Milk Co fell 1.2 per cent to $1.59. It responded to a "please explain" notice from the NZX after its shares plunged to a five-month low, by saying it was in compliance with listing rules.

Outside the main index, Augusta Capital gained 0.9 per cent to $1.13. It lifted annual earnings 17 per cent.