New Zealand shares snapped a six-day decline, with retirement stocks clawing back some of their recent losses since Summerset Group's observation that a slowing property market had dented unit sales.

The S&P/NZX 50 Index advanced 58.64 points, or 0.6 per cent, to 9,766.6. Within the index, 29 stocks rose, 15 fell, and six were unchanged. Turnover was $122.4 million.

Summerset climbed 3.3 per cent to $5.71. The retirement village operator fell to a 14-month low after it last week said slower Auckland and Christchurch property markets had contributed to a decline in first-quarter unit sales.

That negative tone spilled over to other retirement village operators, and they also regained some of their recent losses. Metlifecare increased 2.7 per cent to $4.59 and Ryman Healthcare edged up 0.1 per cent to $11.51. Arvida Group was unchanged at $1.31.


"There's been a bounceback in retirement names after a fairly heavy week following on from Summerset's update," said James Lindsay, a portfolio manager at Nikko Asset Management.

Aged-care operator Oceania Healthcare - which is outside the benchmark index - provided an update to investors on its development plans, which seeks to deliver an average of 250 new residences every year. The shares were unchanged at $1.

Lindsay said Oceania operates a different model to the retirement village operators although it has some components linked to the property market. Today's update offered some relief to investors.

Meridian Energy rose 2.8 per cent to $4.08 on a volume of 1.1 million shares after its monthly operating metrics showed favourable rainfall for the South Island hydro operators. Contact Energy rose 0.6 per cent on a volume of 1.9 million shares, while Mercury NZ increased 0.4 per cent to $3.90.

Genesis Energy led the market higher, up 3.3 per cent at $3.14.

Spark New Zealand was the most traded stock on a volume of 3.7 million shares. It fell 0.4 per cent to $3.56. Goodman Property Trust increased 0.6 per cent to $1.715 on 2.5 million units, more than four times its 90-day average of 587,000 units.

Among other stocks trading on volumes of more than a million shares, Air New Zealand edged up 0.4 per cent to $2.82, and Argosy Property was unchanged at $1.27.

Synlait Milk posted the biggest decline, down 1.7 per cent at $10.41 on a volume of 233,000 shares, twice its three-monthly average of 112,000.


Infratil fell 0.7 per cent to $4.21. Wellington International Airport, which is 66 per cent-owned by Infratil, today withdrew its consent application for a runway extension and said it will lodge a new application early next year. Of the airport's five listed bonds, only its 4 per cent notes maturing in 2024 traded today, at a yield of 3.17 per cent, up from 3.15 percent.

NZX fell 1 per cent to $1. The stock market operator today accredited BNP Paribas's Australian branch as a depository participant. Separately the bourse operator was recognised as a designated offshore securities market by the US Securities Exchange Commission.

Sky Network Television fell 0.8 per cent to a record $1.23. The pay-TV operator cut the price of its 'Fan Pass' streaming sports service.