New Zealand shares rose, led by Summerset Group Holdings after it lifted annual sales by 14 per cent. Meridian Energy and Mighty River Power paced gains as investors sought investments with high dividends. Trade Me Group fell after it said it bought a 15 per cent stake in Harmoney.
The NZX 50 Index rose 24.96 points, or 0.4 per cent, to 5609.8. Within the index, 22 stocks rose, 20 fell and eight were unchanged. Turnover was $77 million.
Summerset led the index higher, its stock up 5.2 per cent to $3.02, after the retirement village operator lifted sales to 458 units, and its fourth-quarter new sales rose 88 per cent to a record 113 units after opening four new villages in 2014's second half.
Investors link rest-home sales to the performance of the New Zealand housing market, which has picked up after a small lull in the lead-up to September's general election, as would-be unit buyers take longer or choose not to sell their homes in a weak market.