New Zealand sharemarket rises amid broad-based buying

Tourism Holdings' share price rose 2.2 per cent to a record high of $4.20. Photo / Supplied

New Zealand shares rose today led by Restaurant Brands New Zealand, while Tourism Holdings and Fisher & Paykel Healthcare hit record highs.

The S&P/NZX 50 Index gained 60.96 points, or 0.8 per cent, to 7685.45. Within the index, 35 stocks rose, eight fell and seven were unchanged. Turnover was $134.9 million.

James Smalley, director at Hamilton Hindin Greene, said the market had seen broad-based buying, with the benchmark index near record levels, though volumes were lower.

Restaurant Brands led the index, up 3 per cent to $6.14, while Kathmandu Holdings gained 3 per cent to $2.06 and Sky Network Television rose 2.9 per cent to $3.53.

Tourism Holdings rose 2.2 per cent to $4.20.

"It has been on a bit of a run recently, on pretty good volumes," Smalley said.

"If it gets up to $4.30, on an adjusted basis that's the highest it has been since 1993 - we're looking at a 24-year high.

"You'd have to be living under a rock to miss that tourism has taken over dairy as our biggest export earner. Investors are obviously thinking things are looking pretty good for the sector."

Fisher & Paykel Healthcare gained 1.5 per cent to $11.57, a record.

"Those investors that had the courage to buy into the stock when it got sold down post the Trump election when there were concerns about production in Mexico have done exceptionally well."

Metro Performance Glass was the worst performer, down 0.7 per cent to $1.36. Kiwi Property Group fell 0.7 per cent to $1.415 and A2 Milk Co dipped 0.5 per cent to $4.03.

NZX suspended GeoOp's shares on the NZAX at 22c until a special meeting in July. The unprofitable management app developer will ask shareholders to vote on its plan to de-list from the NZAX and list on the ASX.