NZ shares rise; retirement stocks Metlife, Summerset extend recovery

The S&P/NZX 50 Index increased 1.73 points, or 0.02 percent, to 9,768.33. Within the index, 22 rose, 19 fell and nine were unchanged. Turnover was $95.6 million, with just three companies trading on volumes of more than a million shares.

Retirement stocks rose for a second day having spent most of the week under pressure since Summerset last Friday cited slowing property markets in Auckland and Christchurch among reasons for its weaker first-quarter unit sales. Housing data today showed activity remained weak in Auckland, while national house price inflation slowed.

Metlifecare led the market higher, up 2.2 percent at $4.69 on a volume of 182,000 shares, down on its 205,000 three-month average. Summerset increased 1.8 percent to $5.81 and Ryman Healthcare rose 0.8 percent to $11.60. Arvida Group fell 1.5 percent to $1.29.

"The kiwi market's a bit lower this week, weighed down by the retirement village stocks," said Greg Smith, head of research at Fat Prophets. "They've bounced a little bit today."