A2 calms critics with strong sales

The S&P/NZX 50 index climbed 108.34 points, or 1.2 percent, to 8,911.79. Within the index, 37 stocks gained, seven fell and six were unchanged. Turnover was $106.8 million.

A2 jumped 9.2 percent to $10.59 on average volumes, having touched an eight-month low last week. The milk marketer today said it increased its Chinese market share for infant formula to 5.6 percent in the September quarter from 5.1 percent just three months earlier, and affirmed its outlook for revenue growth. Synlait, which supplies A2, rose 7.7 percent to $9.85 on less than half its normal volume.

"Across a number of measures it looked pretty sound and good," said James Lindsay, a senior portfolio manager at Nikko Asset Management. A2 and Synlait have high index weightings and contributed most of today's gain in the NZX 50, he said.

However, gains were widespread with stock markets across Asia following Wall Street higher.