NZ shares rise as A2 buoyed by Bubs result
The S&P/NZX 50 Index increased 43.75 points, or 0.4 percent, to 10,851.36. Within the index, 27 stocks rose, 20 fell and three were unchanged. Turnover was $82.1 million with just four companies trading on volumes of more than a million shares.
A2 Milk hit a record $17.85, and ended the day up 2.7 percent at $17.70 on a volume of 581, less than its 90-day average of 706,000. Dairy companies on both sides of the Tasman got a boost from Bubs' June quarter update, which showed the formula maker more than doubled revenue to A$18.5 million. ASX-listed Bubs shares were up 5.6 percent at A$1.42 in afternoon trading.
"The key things for A2 are broker upgrades - we've seen some of those - and confirmation of strong earnings growth, and we've had that as well," said Peter McIntyre, an investment adviser at Craigs Investment Partners.
Synlait Milk, which supplies A2 and often moves in lock-step with the milk marketing firm, advanced 1.1 percent to $9.91. Both Fonterra Shareholders' Fund units and the farmer-owned Fonterra Cooperative Group shares fell 0.5 percent to $3.77.
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