Fruit exporter Scales Corp rose 1.4 per cent to $4.97, recovering from yesterday's decline when it projected flat 2020 earnings. Global logistics group Mainfreight was up 0.5 per cent at $41.10 and milk marketing firm A2 Milk rose 0.5 per cent to $15.17.
Fonterra Shareholders' Fund units were among the day's stronger performers, up 2.5 per cent at $4.10. Fonterra yesterday raised its forecast payout to farmers due to strong global demand, and the company said first-quarter earnings improved on increased revenue and higher margins. The units were down 0.5 per cent yesterday.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said the update was a more conservative approach from Fonterra.
Mercury NZ led the market higher, up 2.8 per cent at $4.92 on a volume of 1.6 million shares, in line with its 90-day average of 1.9 million.
Other yield plays were also stronger, with Goodman Property Trust up 1.4 per cent at $2.19, Stride Property rising 0.9 per cent to $2.26 and Meridian Energy advancing 0.8 per cent to $5 on a volume of 1.7 million shares.
Gentrack Group fell 2.2 per cent, or 8 cents, to $3.62 after shedding rights to a 3-cent dividend. That was the days' biggest fall. Fisher & Paykel Healthcare fell 1.7 per cent, or 36 cents, to $21.22 after shedding rights to a 12-cent dividend.
Genesis Energy declined 1.9 per cent to $3.03.
Z Energy fell 1.6 per cent to $4.84. The Commerce Commission yesterday recommended government regulate wholesale fuel markets to lower pump prices.
Spark New Zealand was the most traded stock on a volume of 6.3 million shares, more than twice its 3 million average. It fell 0.7 per cent to $4.43.
Of other stocks trading on volumes of more than a million shares, Kiwi Property Group fell 0.3 per cent to $1.545, Investore Property was up 0.6 per cent at $1.845, and Contact Energy increased 0.6 per cent to $7.23.
Outside the benchmark index, Rakon fell 5.3 per cent to 27 cents. The company said underlying earnings before interest, tax, depreciation and amortisation was expected to be $9m to $11m in the year ending March 31, down from earnings of $13.3m.
Millennium & Copthorne Hotels New Zealand rose 0.4 per cent to $2.50 on an unusually large volume of 2.7 million shares. It typically trades on a volume of 16,000 shares. Refinitiv data showed a single trade of 2.66 million shares at $2.35 a share, which McIntyre said was a late order.