NZ shares rise as Skellerup posts record profit
The S&P/NZX 50 index increased 11.42 points, or 0.1 percent, to 8,8998.91. Within the index, 25 stocks gained, 20 fell, and five were unchanged. Turnover was $142.3 million.
"Wall Street lost some ground and there's some nervousness overseas, but that hasn't rubbed off on the local market or Australia to that degree," Grant Williamson, a director at Hamilton Hindin Greene in Christchurch, said. "We're more focused on our reporting season."
Skellerup rose as high as $2.12, ending the day at $2.09. Its 4 percent gain was the biggest in the benchmark index. The rubber goods maker boosted annual profit 23 percent to a record $27.3 million and raised its dividend.
"Skellerup came out with a cracker result this morning - that was a very good result and we had the share price at a record level on the higher dividend and increased earnings," Williamson said.
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