Shares gain as growth stocks recover; Comvita bounces

The S&P/NZX 50 Index increased 30.94 points, or 0.3 percent, to 9,987. Within the index, 24 stocks rose, 17 fell, and nine were unchanged. Turnover was $108.9 million.

Synlait led the market higher, up 2.5 percent at $8.75 on a volume of 189,000 shares, slightly more than its 90-day average of 121,000 shares. The gain ended four straight declines, rising from a six-month low. The milk processor often tracks with A2 Milk, which it supplies, but has also been beset by a covenant that may prevent it from opening a second factory. A2 was up 0.2 percent at $14.28.

Among other growth stocks lifting the index higher, Fisher & Paykel Healthcare rose 2.4 percent to $15.45, and Tourism Holdings was up 1.9 percent at $3.82. Gentrack Group increased 1.2 percent, or 6 cents, to $5.30 after shedding rights to a 5 cent dividend.

Outside the benchmark index, Comvita soared 13 percent to $3.52, extending a recovery from a five-year low. Chief executive Scott Coulter today signalled his exit, and former CEO Brett Hewlett will take on a temporary executive role to run the ruler of the honey products maker's under-performing units.