Shares rise after bumpy week, led by NZ Refining

NZ Refining rose 2.4 per cent to $2.56. Photo / File

New Zealand shares rose, led by New Zealand Refining Company and Synlait Milk while Port of Tauranga and A2 Milk Co fell.

The S&P/NZX 50 Index gained 0.59 of a point, or 0.01 per cent, to 8,999.37. Within the index, 28 stocks rose, 17 fell and five were unchanged. Turnover was $156.7 million.

"There was a bit of weakness offshore last night but that hasn't had any effect on our market today," said Grant Williamson, investment advisor at Hamilton Hindin Greene.

The local benchmark index has had a turbulent week, dropping 1.2 per cent in heavy trading on Tuesday but recovering since. The NZX50 ends the week down 0.1 per cent from the record 9,008.58 it hit last Friday.

"[Tuesday] was one of the market's biggest moves in months, but follow that the market has regained all of that lost ground - it's been a bit of a week of going nowhere," Williamson said.

"We're really still in a news vacuum, and the market is still looking pretty slick even though a number of commentators are saying it looks overvalued, we haven't had any considerable correction. The difference between dividend yields and interest rates is one reason for that."

NZ Refining rose 2.4 percent to $2.56. Today, it gave an update on its refinery shutdown, saying all of the critical maintenance and replacement work on the refinery shutdown has been completed, but there has been a delay with the restart of the hydrocracker unit as a result of two minor leaks.

"Our team is reassessing the schedule and we expect to advise the market once a date for the restart of the hydrocracker unit has been confirmed," it said in a statement.

Synlait Milk rose 2.4 per cent to $11.27.

Australia and New Zealand Banking Group gained 2.2 per cent to $30.71. Failed children's clothing retailer Pumpkin Patch is unlikely to be able to pay back nearly $20m it owes to ANZ while unsecured creditors will get zilch, according to the latest report by the company's receivers KordaMentha.

ANZ was owed $59.5m when Pumpkin Patch was tipped into receivership in October 2016 and as of April 25 this year had been paid a total of $29.4 million, according to the latest six-monthly report from receivers Brendon Gibson and Neale Jackson of KordaMentha.

Scales Corp advanced 2.1 per cent to $4.77, while Sky Network Television gained 2.1 per cent to $2.47.

Port of Tauranga was the worst performer, down 2.1 per cent to $5.05. A2 Milk Co dropped 1.7 per cent to $11.95, Pushpay Holdings declined 1.2 per cent to $4.22, and NZX fell 0.9 per cent to $1.13.

Fletcher Building dipped 0.9 per cent to $6.82. Outgoing chair Ralph Norris announced the board's audit and risk committee chair Bruce Hassall will succeed him when he steps down from the troubled building company in September.

Outside the benchmark index, Michael Hill International dropped 3.1 per cent to 93.5 cents. It plans to close the remaining six stores of its Emma & Roe chain as well as the sub-brand's online business at a total cost of no more than $3.1m, a move allowing the Brisbane-based jewellery maker and retailer to focus on its core namesake brand.

Steel & Tube Holdings fell 2.6 per cent to $1.51. It has agreed to a $21.1m sale-and-leaseback deal of its Blenheim Road property in Christchurch, a key distribution hub for the company, as part of its restructuring efforts to raise working capital and pay down debt.