New Zealand shares rose, led by Goodman Property Trust, after the property investor said full year net profit rose 72 percent. Trade Me and Xero paced the gains while Ryman Healthcare fell ahead of reporting earnings tomorrow.
The NZX 50 Index rose 14.017 points, or 0.3 percent, to 5213.359. Within the index, 26 stocks rose, 14 fell and 10 were unchanged. Turnover was $83.6 million.
Goodman Property, the largest property investor by market value, climbed 3 percent to $1.035 after saying full-year profit rose to $134 million, driven by a 25 percent increase in rental revenue and accounting adjustments. The trust, which is managed by Goodman (NZ), announced governance changes including paying more of its management fees via units rather than cash and funding new developments through asset sales rather than equity raising.
"There was a good result out of Goodman today," said Robert Garden, an investment advisor with Craigs Investment Partners. That "provides support to the property sector, which has run up a bit in recent weeks."
DNZ Property Fund rose 1 percent to $1.595. Property for Industry advanced 0.4 percent to $1.325 ahead of its annual general meeting this Friday. Argosy Property, which is due to report full-year results next week, was unchanged at 95 cents.