Z Energy rose 27 per cent yesterday and has reached two record highs this month.
Z Energy rose 27 per cent yesterday and has reached two record highs this month.
New Zealand shares rose, led by Auckland International Airport, Goodman Property Trust and Z Energy, while A2 Milk Co fell from a record high.
The S&P/NZX 50 Index rose 26.94 points, or 0.43 percent, to 6319.38. Within the index, 25 stocks rose, 16 fell and nine were unchanged. Turnover was$121 million.
Overnight, oil prices rebounded, and Wall Street ended on a positive note with the Nasdaq Composite Index advancing 1.5 per cent, the Standard & Poor's 500 Index rising 1.1 per cent and the Dow Jones Index up 1.1 per cent.
"Oil prices were up a wee bit overnight, and the US market was relatively strong, so we're looking towards a good run for the year," said Robert Garden, investment adviser at Craigs Investment Partners. "There was a bit of slippage in New Zealand at the end of November and early December, and we've seen that ground recovered in a lot of stocks today."
Auckland Airport led the index up, advancing 3.1 per cent to $5.74.
Goodman Property rose 2.9 per cent to $1.265, Argosy Property advanced 2.2 per cent to $1.18, and Kiwi Property Group was up 1.5 per cent to $1.36.
Z Energy rose 2.7 per cent to $6.78. The stock has touched a record high of $6.80 twice this month, but fell on December 18 after the Commerce Commission announced it had delayed its decision on whether to approve Z's application to buy Chevron New Zealand's service station chains until the end of April, adding about $10 million to the cost of the acquisition.
"Market expectation is that the transaction will go through," Garden said. "Obviously the Commerce Commission taking a bit more time has cast a little bit of doubt over it, but I think it will still go through."
A2 Milk fell 9.3 per cent to $2.06, ending a rally which saw it more than double in value from $1.10 since December 17, when it announced a second earnings upgrade for the year.
Ebos dipped 2.8 per cent to $14. The stock has risen 46.2 per cent this year, and Ebos said in October that it expects annual earnings to again grow at a double-digit rate.
"It's potentially just a bit of profit-taking as they've bounced back up," Garden said. BusinessDesk
