NZ shares gain; A2 hits new record, F&P climbs on patent deal

The S&P/NZX 50 index climbed 51.37 points, or 0.6 percent, to 9,300.81. Within the index, 22 stocks rose, 22 fell, and six were unchanged. Turnover was $177.5 million.

F&P Health led the market higher, rising 6.8 percent to $14.29 on volume of 1.4 million shares, more than twice its average. The breathing mask maker settled a long-running dispute with rival ResMed across the US, UK, Europe, Australia and New Zealand, having racked up millions of dollars in legal fees in the process. Both parties have now decided to settle with no payment or admission of liability.

"Just the lawyers won with that particular battle - now sanity has prevailed which is good," said Grant Davies, an investment adviser at Hamilton Hindin Greene.

A2 rose as high as $14.85, a new record, and ended the session up 4.2 percent at $14.82. Volume was bigger than usual at 2 million shares. The milk marketing firm beat earnings expectations yesterday and has resumed its place as the biggest listed company on the NZX, with a market capitalisation of almost $10.9 billion.