New Zealand shares gained, led by A2 Milk Co and Fisher & Paykel Healthcare, while Metro Performance Glass plunged after disappointing investors.
The S&P/NZX 50 Index advanced 40.85 points, or 0.6 per cent, to 7094.39. Within the index, 25 stocks rose, 14 fell and 11 were unchanged. Turnover was $145 million.
Metro Glass was the worst performer, down 18.5 per cent to $1.54. The Auckland-based company, which has more than half the country's glass processing market, said annual net profit was likely to be similar or even lower than the year before's $20.5 million as local sales lagged behind expectations and costs were higher than expected.
"It released a pretty disappointing update," said Greg Easton, an adviser at Craigs Investment Partners. "It achieved very well on the revenue growth front. However, it's had to spend a lot on some of its expansion plans and that spending hasn't yet been offset by increased revenue. It did note the slowdown in the Christchurch residential build, and the earthquakes in Wellington stalling activity for a while. It's still pretty upbeat generally about the future."
A2 Milk led the index, up 3.9 per cent to $2.38, continuing Thursday's gains when it was reported that UK consumer giant Reckitt Benckiser is in talks to buy Mead Johnson Nutrition, the US-based baby-food maker, for US$90 per share, nearly a 30 per cent premium.