NZ shares at fresh record as Trade Me, A2, Meridian gain on earnings; Fletcher drops

The S&P/NZX50 Index rose 46.83 points, or 0.5 percent, to 9,162.61. Within the index, 28 stocks rose, 17 fell and five were unchanged. Turnover was $140 million.

Trade Me Group rose 6.2 percent to $5. The online auction company is distributing $100 million via a 22 cents per share special dividend. It turned over more than $250 million for the first time to deliver a 3.9 percent increase in net profit for the year to June 30 of $96.6 million.

"It surprised a little bit on the quantum and timing of its capital return - the result itself looked to be pretty much in line with expectations," said James Lindsay, senior portfolio manager at Nikko Asset Management. "It gives a signal the board isn't so concerned and doesn't feel they need to reinvest hugely into the business any more than they currently are."

A2 Milk jumped 6.1 percent to $11.81. The milk marketer more than doubled net profit to $195.7 million in the June 2018 year, as it widened margins and increased infant formula sales.