New Zealand shares rose yesterday, paced by Chorus as its first-half earnings met with market expectations. Xero rose to a four-month high as a seller exited the stock.
The NZX 50 Index rose 5.41 points, or 0.1 per cent, to 5754.36. Within the index, 24 stocks rose, 18 fell, eight were unchanged. Turnover was $253 million, including $76 million of shares in Fletcher Building, which closed up 8c to $8.53.
Chorus rose 1.1 per cent to $2.86. The telecommunications network operator posted an 18 per cent drop in first-half profit to $64 million, meeting estimates, as it contends with regulated price cuts to sell access to its copper line network, while narrowing the forecast cost to build its nationwide fibre network.
"A little bit more relative clarity in terms of the installation side of the equation and savings targets are positive, and their ability to hit key targets is positive," said Shane Solly, director of Harbour Asset Management. "There is still some uncertainty there, and the Chorus team seem to be focusing on making sure they're doing their underlying rollout well."