New Zealand shares edged up, paced by Ebos Group, while Ryman Healthcare closed at a new record and Telecom fell. Trading was relatively light as investors look ahead to earnings season.
The NZX 50 Index rose 3.287 points, or 0.1 percent, to 4560.054. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $120 million.
Ebos, the medical and pet supplies distributor, rose 2.9 percent to a record close of $9.99. The stock is up 34 percent this year and its gains accelerated after the company agreed to buy the Symbion pharmaceutical wholesaler and distributer in Australia for $1.1 billion, tapping shareholders for some of the funds, in a deal set to more than triple annual sales.
“Ebos has changed vastly with that deal,” said David Price, a broker at Forsyth Barr. “The capital raising has been well received.”
Ryman, the nation’s biggest listed retirement village operator, rose 1.9 percent to $6.98, also a record close. Rival Summerset Group gained 0.7 percent to $3.02.
The biggest companies on the bourse fell. Telecom dropped 3 percent to $2.25 and Fletcher Building fell 1.3 percent to $8.55. Price said they were among stocks driven higher yesterday by buying at the close and had since given back those gains.
“It is relatively quiet leading into the results season,” he said. “The market is trading on relatively high multiples so companies need to deliver on expectations.”
Infratil was unchanged at $2.35 after subsidiary Wellington International Airport said its 2013 returns were within the regulator’s guidelines and that it had engaged with airlines over future landing fee increases. The airport was accused of potentially extracting excessive returns in a regulator’s report earlier this year.
Trade Me fell 0.6 percent to $4.78 after the government said it’s looking at ways to capture GST on international online purchases which fall short of Customs NZ’s $400 threshold. The government’s GST tax take has been falling short of forecasts in recent months and retailers have been complaining about internet sales crimping their own returns.
Local retailers were mixed, with Warehouse Group, the biggest listed retailer, unchanged at $3.75, clothing chain Hallenstein Glasson down 0.6 percent to $4.94 and outdoor equipment group Kathmandu falling 0.8 percent to $2.58. Children’s clothing chain Pumpkin Patch gained 1.2 percent to 82 cents.
SkyCity Entertainment Group was unchanged at $4.38 after Parliament’s passed the first reading of legislation enabling a deal where the casino and hotel operator will build a $402 million international convention centre in Auckland in exchange for regulatory concessions and a 27-year extension to its gaming licence.
Manufacturers gained after BNZ-BusinessNZ figures showed the sector’s activity continued to grow last month, albeit at a slower pace from May when it reached a nine-year high. Rubber goods maker Skellerup gained 1.5 percent to $1.32, specialty chemicals manufacturer Nuplex Industries advanced 1 percent to $3.09, brewer Moa Group rose 1.7 percent to $1.18 and food ingredients maker Goodman Fielder climbed 1.2 percent to 85 cents.