WELLINGTON: New Zealand shares have rebounded, tracking broad gains on Wall Street, after a week of declines.
THE NZX 50 Index advanced 32.056 points, or 0.6 per cent, to 5781.761 on Friday. Within the index, 26 stocks rose, 19 fell and five were unchanged. Turnover was high at $277 million, including $40m of Meridian Energy and $31m of Trade Me.
“We’ve followed the international markets higher today,” said Grant Williamson, a director at Hamilton Hindin Greene.
“Investors are just changing tack a little bit here today away from the income stocks and more in towards the growth.”
Orion Health Group, the health and management software system company, jumped 4.9 per cent to $4.30.
“Investors are actually looking for a bit of growth and Orion is considered to be quite a high-growth stock,” Mr Williamson said.
The Fonterra Shareholders’ Fund, which gives holders access to the dairy co-operative’s dividend stream, increased 4.1 per cent to $4.87.
Air New Zealand jumped four per cent to $2.49 after declining 9.6 per cent on Thursday when Jetstar said it planned to step up local competition.
Fletcher Building advanced 1.1 per cent to $8.33 and Spark New Zealand gained 2.9 per cent to $2.83.
