MARKET CLOSE NZX 50 pushes up to new record; F and P Healthcare gains

New Zealand stocks rose, pushing the NZX 50 Index to a new record, as investors welcomed Fisher & Paykel Healthcare’s continued release on new products and the Reserve Bank said it had intervened in the currency market to try to force the kiwi down.

The NZX 50 rose 18.55 points, or 0.4 percent, to 4640.27. Within the index, 23 stocks rose, 19 fell and eight were unchanged. Turnover was $156 million.

F&P Appliances rose 1.9 percent to $2.69. Yesterday it announced the rollout of its F&P ICON+ flow generator range of products for use in treating obstructive sleep apnea (OSA), following the launch of its Simplus face mask in February. OSA has been linked to a widening range of illnesses including heart disease.

“With this type of business it is always nice to see the continuation of innovation,” said James Lindsay, equities manager at Tyndall Investment Management. Action from the Reserve Bank to tackle the high kiwi dollar is good for sentiment, medium term, he said.

Central bank governor Graeme Wheeler told politicians in Wellington that the bank had intervened in currency markets to “potentially take the tops off rallies.” The kiwi shed almost 1 US cents on the news.

Xero, the cloud-based accounting company, resumed its ascent, rising 2.7 percent to $13.35, while the other recently soaring stock, Ryman Healthcare, dropped 1.9 percent to $6.33 and rival retirement village operator Metlifecare fell 3.2 percent to $3.63.

Summerset Group, which plans to list its stock on the ASX as well as the NZX, fell 1.6 percent to $3.15.

Warehouse Group rose for a second session, up 2.6 percent to $4.36. Kathmandu, the outdoor equipment chain, rose 1.8 percent to $2.88. It is rated ‘outperform’ based on a Reuters poll of 10 analysts.

Fletcher Building, the biggest company on the NZX 50, fell 0.1 percent to $8.43 and Telecom dropped 0.2 percent to $2.69.

Contact Energy rose 2.4 percent to $5.61 ahead of the announcement of the sale price of shares in MightyRiverPower, which had “apparently gone very well,” Lindsay said.

Infratil, which owns a controlling stake in TrustPower, gained 1.7 percent to $2.41. TrustPower was up 0.8 percent to $7.65.

Auckland International Airport, the nation’s busiest gateway, rose 1.5 percent to $3.15. AMP, the Australian wealth manager, rose 4.4 percent to $6.72 on the NZX, leading the index higher.