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Home / Business

NZ shares gain as growth stocks recover; Comvita bounces

By Paul McBeth
BusinessDesk·
6 Jun, 2019 05:36 AM4 mins to read

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Comvita soared 13 per cent to $3.52. Photo / File

Comvita soared 13 per cent to $3.52. Photo / File

New Zealand shares rose, led by growth stocks Synlait Milk and Fisher & Paykel Healthcare. Comvita soared on news its former chief executive will put its under-performing units under the microscope.

The S&P/NZX 50 Index increased 30.94 points, or 0.3 per cent, to 9,987. Within the index, 24 stocks rose, 17 fell, and nine were unchanged. Turnover was $108.9 million.

Synlait led the market higher, up 2.5 per cent at $8.75 on a volume of 189,000 shares, slightly more than its 90-day average of 121,000 shares. The gain ended four straight declines, rising from a six-month low. The milk processor often tracks with A2 Milk, which it supplies, but has also been beset by a covenant that may prevent it from opening a second factory. A2 was up 0.2 per cent at $14.28.

Among other growth stocks lifting the index higher, Fisher & Paykel Healthcare rose 2.4 per cent to $15.45, and Tourism Holdings was up 1.9 per cent at $3.82. Gentrack Group increased 1.2 per cent, or 6 cents, to $5.30 after shedding rights to a 5 cent dividend.

Outside the benchmark index, Comvita soared 13 per cent to $3.52, extending a recovery from a five-year low. Chief executive Scott Coulter today signalled his exit, and former CEO Brett Hewlett will take on a temporary executive role to run the ruler of the honey products maker's under-performing units.

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"Finally we've got some news for investors - it's more on a promise than anything too substantial, but the share price is tracking up," said Grant Davies, an investment advisor at Hamilton Hindin Greene.

NZX was unchanged at $1.05 on an unusually large volume of 1.5 million shares after its Smartshares unit listed eight new exchange-traded funds. Among the ETFs, which are backed by global asset manager BlackRock, were two thematic funds. The Smartshares Health Innovation Fund rose 0.9 per cent to $2.33, while the Smartshares Automation and Robotics ETF increased 0.9 per cent to $2.70.

Davies said the new thematic ETFs will give investors some interesting areas to get exposure.

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"From the NZX's position, even through it owns the products, it's nice to have something new," he said.

Goodman Property Trust was the most traded stock on a volume of 2.4 million units, more than twice its 850,000 average. It fell 1.1 per cent to $1.81. Spark New Zealand decreased 0.8 per cent to $3.675 on a volume of 2.4 million shares, less than half its usual volume.

Kiwi Property Group fell 1.9 per cent to $1.53, the day's biggest decline, on a volume of 1.2 million shares.

Among other stocks trading on volumes of more than a million shares, Air New Zealand decreased 0.4 per cent to $2.57, Auckland International Airport was unchanged at $8.82, Mercury NZ slipped 0.4 per cent to $3.885, Genesis Energy was unchanged at $3.10, and Meridian Energy increased 1.6 per cent to $4.35.

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Of stocks going ex-dividend, Investore Property fell 1.1 per cent, or 2 cents, to $1.76 shedding rights to a 1.94 cent dividend, Sanford fell 0.9 per cent, or 6 cents, to $6.94 shedding rights to a 9 cent dividend, and Ryman Healthcare was down 0.9 per cent, or 10 cents, giving up rights to an 11.9 cent dividend.

Fonterra Shareholders' Fund units increased 0.3 per cent to $4 and Fonterra Cooperative Group's farmer-only shares fell 0.3 per cent to $4 after Agriculture Minister Damien O'Connor outlined plans to change the dairy sector's governing legislation. Among the changes, Fonterra will be able to veto some applications under its open-entry provision to accept all milk supply. Another will see the minister nominate a member of the milk price panel.

Bank of New Zealand's 2020 bond paying annual interest of 4.43 per cent was the most traded debt security on a volume of 475,000 notes. It closed at a yield of 1.76 per cent, down 4 basis points.

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