A2 Milk, F&P Healthcare star as market ekes out gain

The S&P/NZX50 index gained 4.88 points, or 0.06 per cent, to 7821.98.

New Zealand shares were mixed, with A2 Milk and Fisher & Paykel Healthcare gaining, while blue-chips Auckland International Airport and Spark declined.

The S&P/NZX50 index gained 4.88 points, or 0.06 per cent, to 7821.98. Within the index, 23 stocks fell, 17 rose and 10 were unchanged. Turnover was $154 million.

"It has been a pretty volatile week, with the first few days showing reasonable downside over North Korean concerns but the market picking up on Wednesday and Thursday," said Grant Williamson, director at Hamilton Hindin Greene.

"I don't think the reporting season has had too much impact on the market. Overall it was more than satisfactory in the eyes of investors and though there wasn't anything that took the market by surprise on the upside, there are one or two stocks at record highs."

Fisher & Paykel Healthcare is one of those stocks, rising 2.2 per cent to $12.03 today, a record.

"Obviously the currency has had some pressure and a little of that has to do with the election poll results showing a very tight race," Williamson said.

"It's good for the exporters of this world, like Fisher & Paykel."

Williamson said the market may be quiet over the next few weeks ahead of the general election on September 23, with the most recent poll showing Labour ahead of National for the first time in 10 years, making investors uncertain about which way it will go.

"Investors on the buy side may be quieter, and even after the election we may not know what the result is for a while due to coalitions being formed," Williamson said.

A2 Milk Co was the best performer on the index, up 2.9 per cent to $5.71, with Fletcher Building gaining 2.6 per cent to $8.37 after a volatile week. Comvita rose 2 per cent to $7.55.

Auckland International Airport was the worst performer, dropping 1.8 per cent to $6.67, while Meridian Energy fell 1.7 per cent to $2.90 and Spark NZ dropped 1.7 per cent to $3.85.

Outside the benchmark index, Freightways dropped 1.7 per cent to $7.77. Dean Bracewell is to step down as managing director after 18 years in the role.

SeaDragon was unchanged at 0.6c. The company says it has an unresolved quality control issue which has hurt prices and is waiting to hear back from offshore customers who are assessing samples of its refined Omega-3 fish oil.

Intueri Education Group was unchanged at 1.1c. Liquidators have been appointed after ACG Education, the private equity-owned education services provider, bought its assets.