Gentrack shares soar for a second day

The S&P/NZX 50 Index rose 156.7 points, or 1.38%, to 11,552.04. Turnover on the main board was $566.6 million largely due to the NZX 50 index readjusting and changes accommodating the last trading date in advance of the November Quarterly Index Review for the MSCI Equity Indices.

A large part of the turnover was on Ebos with more than $200m worth of its shares changing hands. It closed at $40.95 up 1.9% as it entered the NZX50.

Hamilton Hindin Greene investment adviser Jeremy Sullivan said that Gentrack’s share price had a “great day” following Jarden lifting its 12-month target price on the back of the company’s earnings upgrades by 45% to $2.25 – up from $1.55.

“Gentrack’s shares jumped out of the water,” he said.