NZ shares ignore election uncertainty to hit record

Tourism Holdings led the index, up 5.1 per cent to $4.91.

New Zealand shares shrugged off the post-election vacuum to hit a record high today, despite a lack of corporate news, with Tourism Holdings, Synlait Milk and Kathmandu Holdings gaining.

"The incredible outperformance of New Zealand continues, we're up for the ninth consecutive month - the potential political uncertainty that may play out in the weeks ahead is being ignored, it's safe to say," said Matt Goodson, managing director at Salt Funds Management.

"It's a very light news day, the price movements we're seeing are being determined by flows."

The S&P/NZX 50 Index rose 26.6 points, or 0.3 per cent, to 7.913.78. Within the index, 21 stocks rose, 20 fell and nine were unchanged. Turnover was $175.9 million.

Tourism Holdings led the index, up 5.1 per cent to $4.91, while Synlait Milk gained 3.7 per cent to $5.86.

Kathmandu Holdings continued yesterday's gains, up 2.6 per cent to $2.33.

The retailer gained 6.1 per cent yesterday after announcing it had lifted annual profit 14 per cent to $38m in 2017 as sales grew in New Zealand and Australia, while it cut its debt levels to record lows.

Xero rose 0.8 per cent to $29.03 and has risen 65 per cent this year. Goodson noted the stock seemed to have decoupled from the FANG stocks - Facebook, Amazon, Netflix, and Google- which have "run into choppier waters" of late.

Sky Network Television was the worst performer, down 4 per cent to $2.66, giving back recent gains. Metro Performance Glass dropped 1.9 per cent to $1.02 and NZX fell 1.7 per cent to $1.17.

Outside the benchmark index, Airwork Holdings rose 16.5 per cent to $5.01. Rifa Jair Company, a unit of Zhejiang Rifa Holding Group Co, intends to make a full takeover offer for all fully paid ordinary shares of Airwork that it does not already own at a 21 per cent premium to yesterday's closing price.

It currently has a 75 per cent stake in the Auckland-based aircraft services business after a $5.40 per share partial offer went unconditional earlier this year.

According to the offer documents, it will offer the remaining shareholders $5.20 per share.

It has entered a lockup agreement with a number of shareholders lifting its stake to 90.3 per cent, above the 90 per cent threshold needed to enforce mandatory mop-up provisions.

Future Mobility Solutions gained 0.8 per cent to 12.6c. The company, formerly known as Sealegs International, has agreed to buy US boat-maker Willard Marine for US$6.9 million ($9.6m).