NZ shares rise as Tourism Holdings upgraded; Spark sheds dividend rights
The S&P/NZX 50 increased 15.81 points, or 0.2 percent, to 9,360.87. Within the index, 22 stocks gained, 21 fell and seven were unchanged. Turnover was $150.7 million.
Grant Williamson, a director at Hamilton Hindin Greene, said the index had teetered between negative and positive territory and largely ignored Wall Street's gain overnight.
"The Dow was quite firm, but it hasn't flowed through to Australia or New Zealand," he said. The Dow Jones Industrial Average rose 0.6 percent.
Tourism Holdings rose 4.1 percent to $5.30 after Forsyth Barr upgraded the stock to 'outperform', saying fears about valuation were overdone. The rental campervan operator had shed 11 percent in a seven-day decline that took the stock to a 10-month low. Forsyth Barr kept its target price at $6.
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