NZX up as retirement stocks in favour - Latest News In Nigeria!

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Friday, July 14, 2017

NZX up as retirement stocks in favour

New Zealand shares have risen, led by retirement stocks Metlifecare and Summerset Group Holdings, while NZX and Pushpay Holdings extended their gains.
The S&P/NZX 50 Index jumped 38.88 points, or 0.5 per cent, to 7649.77 on Friday. Within the index, 33 stocks rose, 10 fell and seven were unchanged. Turnover was $196 million.
Retirement village operator Metlifecare was the best performer, rising 3.1 per cent to $5.58 after a broker put out a positive research note on the stock, Grant Williamson, director at Hamilton Hindin Greene, said.
Fellow companies in the sector also gained, with Summerset Group Holdings up 1.9 per cent to $4.85 and Ryman Healthcare gaining 0.3 per cent to $9.06. Ryman has surged 8.6 per cent in seven sessions of uninterrupted gains since last Wednesday, and is now at a 9-month high.
"We've seen some pretty strong buying in that stock this week, the last few days have had large volume but it's been going on for a good two weeks now," Mr Williamson said.
"For a stock that has been a little disappointing in the past 2.5 years, there's certainly some renewed interest in the past few days."
Trustpower gained 1.8 per cent to $5.60. It expects annual earnings at the top of its forecast range due to a jump in electricity generation volumes and higher wholesale prices in the June quarter.
Ebos Group rose 2.1 per cent to $17.90, and Vital Healthcare Property Trust advanced 1.4 per cent to $2.25.
Another noted performer this week has been NZX, which gained 0.9 per cent to $1.19. It's up 5.3 per cent in the week and today's price is the highest since February 2015.

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