A2 Milk share's share price hit a record high on the NZX today as the company benefited from favourable academic and broker reports.

The stock closed at $17.13, up 28 cents from Friday's close, and the stock's highest ever point.

Harbour Asset Management senior research analyst Oyvinn Rimer said the stock appeared to be benefiting from bullish reports in the lead up to its annual result next month.

In one of them, a study funded by a2 Milk and published in the Journal of Paediatric Gastroenterology and Nutrition looked into milk intolerance among Chinese preschool children concluded that a2 Milk was beneficial.


The study was carried out in 2016 and published this month.

"Replacing conventional milk with A2 milk reduced gastrointestinal symptoms associated with milk intolerance in Chinese preschool children, with corresponding improvements in aspects of cognitive performance," the report said.

A2 milk carries just the a2 beta protein, unlike standard milk, which has both the a1 and a2 beta protein.

Another report from Australian broking house Morgans released research that a2 milk was continuing to gain market share.

A third report carried on Bloomberg said prices for a2 Milk's Australian labelled a2 formula had firmed in recent weeks.

It also said there had been no discernible impact arising from the tightening of rules surrounding the unofficial "daigoui" trade into China - which remains an important part of a2 Milk's business model. "Out of all the three reports today, all of them are incrementally positive," Rimer told the Herald.

Harbour Asset Management has a shareholding in a2 Milk.

Earlier this month, a2 Milk's share price spiked sharply higher, on the back of a series of broker upgrades form brokers UBS, Goldman Sachs and Forsyth Barr.