Z pumps market higher; Trade Me departs
The S&P/NZX 50 Index increased 118.57 points, or 1.2 percent, to a record 10,084.99. Within the index, 42 stocks rose, four fell and four were unchanged. Turnover was $250.5 million, of which Trade Me accounted for $58.1 million.
Z Energy advanced 2.6 percent to $6.37 on a bigger-than-usual volume of 2.7 million shares after the transport fuels company signalled at least a 12 percent increase in dividends as it continues to strip out costs since integrating Caltex into its network. The company reported a 13 percent decline in annual earnings due to the extended outage at Marsden Point refinery and as record prices at the pump trimmed petrol volumes.
"The market liked Z because of the clarity about the dividend," said Stuart Williams, head of equities at Nikko Asset Management. "They didn't get that right going back to the half-year, but they've done a good job of explaining it which was welcomed by the market."
Refining NZ, which operates the refinery, was up 1 percent at $2.09 on a volume of 650,000 shares, more than three-times its 90-day average of 187,000.
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