Metlifecare leads NZ sharemarket higher

Written By Unknown on Jumat, 23 Mei 2014 | 13.24

NEW Zealand shares have gained, led by Metlifecare after the retirement village operator and developer upgraded its profit forecast.

The benchmark NZX 50 Index rose 22.534 points, or 0.4 per cent, to 5151.374 on Friday.

Within the index, 35 stocks rose, 11 fell, and four were unchanged. Turnover was $113.9 million.

Metlifecare advanced 5.3 per cent to $4.40 after the retirement village operator said it expects underlying profit of between $43m and $46m for the year ending June 30, as it benefits from higher sales, bigger capital gains on property sales and more income from resales.

Rival Summerset Group Holdings climbed 1.5 per cent to $3.51 and Ryman Healthcare fell 0.1 per cent to $8.39.

"Metlifecare, obviously a positive result ahead of the guidance they've previously provided," said Robert Garden, investment adviser at Craigs Investment Partners.

"There is a bit of a tailwind behind the sector at the moment - the companies are delivering so it is definitely a sector the market has got a lot of focus on."

F&P Healthcare rose 1.4 per cent to $4.23 after reporting full year profit up 26 per cent to $97.1 million but flagging earnings growth may stall in 2015 as a high New Zealand dollar continues to crimp its US revenue.

Chorus dropped 0.9 per cent to $1.695 after Standard & Poor's, the international ratings agency, affirmed the telecommunications network builder's BBB while changing the outlook to negative from a creditwatch with negative implications.

Outside the benchmark index, Intueri, the private education and training provider, rose 11 per cent to $2.60 in its debut on the NZX, having gone as high as $2.75.


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