"It's a bit of continuation on the recent momentum the market has had through reporting season, with interest rates looking to stay lower and our dollar falling away probably boosting some of the export stocks," Garden said
Synlait led the index, up 5.2 per cent to $13.15, while a2 Milk rose 4.4 per cent to $12.93. Garden said sentiment had improved after ASX-listed Bellamy's Organic, which sells infant formula and food, today reported a A$43 million ($46.9m) net profit for 2018, turning from a loss in the previous year.
"It was a reasonable result. In terms of infant formula and baby products through to China they've had a reasonable recovery. There's just a bit more confidence coming back into the market and looking at some of those stocks like Synlait and a2 that have been sold off in more recent times," Garden said.
Summerset Group Holdings rose 4.5 per cent to $7.90, Fletcher Building gained 3.5 per cent to $6.57, and Westpac Banking Corp advanced 3.1 per cent to $31.20.
Contact Energy was the worst performer as it gave up rights to a 19 cent final dividend, dropping 3.1 per cent or 18 cents to $5.60.
Genesis Energy dropped 2 per cent to $2.515. It reported an 8 per cent increase in full-year operating earnings to $360.5m after dry, still weather boosted demand for coal- and gas-fired generation from its Huntly site. The company invested $80m last year, including upgrades at Tekapo, Tuai and Tokaanu, integrating the new LPG business and new digital retail products.
"Without the acquisitions they made through the year, the rest of the group was down $15m in terms of earnings," Garden said.
"It's had a reasonably strong run until the last few days. Coming back to interest rates, there's going to be support in terms of the dividend on it."
Sky Network Television dropped 1.2 per cent to $2.40 and Z Energy fell 0.7 per cent to $7.22.
Outside the benchmark index, Vista Group International rose 3.5 per cent to $4.16. It expects to maintain sales momentum through the rest of the year as the acquisition of a Latin American cinema analytics reseller helped boost first-half profit 36 per cent to $5.2m.
The Auckland-based cinema software developer lifted first-half revenue 20 per cent to $60.1m and said it expects to maintain that pace of expansion through the rest of calendar 2018. If it does achieve 20 per cent or more revenue growth for a fifth straight year, that take annual sales to $127.9m. That's more than four times Vista's revenue in 2013, before it went public.
"Good revenue growth and good cash generation from the businesses as well. They probably needed to come out with decent numbers given the stock has run pretty hard since April. It's more or less met the relatively optimistic expectations of the market," Garden said.
Methven rose 3.9 per cent to $1.08. The tapware designer lifted annual profit 22 per cent as it earned more from international sales while New Zealand weakened. It expects better domestic growth in 2019.
Steel & Tube Holdings rose 3.5 per cent to $1.20. It says improving sales have continued into the current financial year and it expects to resume dividends as its business overhaul begins to pay off. The company reiterated its loss on an earnings before interest and tax basis was $36.2m in the year ended June 30 while normalised ebit was $16.5m.
