Synlait leads post election rally

The S&P/NZX 50 Index rose 87.04 points, or 0.7 percent, to 12,337.02. Within the index, 36 stocks were up, eight fell and six were unchanged. Turnover was $131.8 million.

Synlait Milk shares jumped 7.6 percent to $5.50 after the company said it had settled a dispute over land used at its Pokeno site and an announcement of a new deal with a multinational customer.

Further details of the settlement agreement will remain confidential but the settlement price “was reasonable and not material to Synlait,” it said.

Grant Davies, an investment advisor at Hamilton Hindin Greene, said investors were pleased the dispute was not hanging over the company, even if the settlement wasn’t material.