Synlait leads NZ shares higher
The S&P/NZX 50 Index rose 66.29 points, or 0.5%, to 12,496.27. Within the index, 22 stocks fell, 26 rose, and two were unchanged. Turnover was $173.4 million.
Milk processor Synlait Milk rose 5.5% to $3.44 as investors saw value in the company’s deflated share price. A2 Milk was unchanged at $6.10, both are down more than 30% this year.
Z Energy rose 2.7% to $2.65 today. Forsyth Barr analysts pointed to the stock as one of the earnings season success stories, with the stock outperforming the market by as much as 10%.
The broker’s analysis of the recent earnings season showed mixed results. Eight companies reported higher earnings per share than forecast, six were below expectations and five were in line with predictions.
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