New Zealand shares rose, led by Skellerup Holdings, after the rubber goods manufacturer posted record earnings, while NZ Refining gained on comments its refinery margins have improved after shrinking last year.
The NZX 50 Index rose 4.96 points, or 0.1 per cent, to 3663.34. Within the index, 24 stocks rose, 14 fell and 12 were unchanged. Turnover was $80.1 million.
Skellerup rose 6 per cent to a record close of $1.59 after posting a record annual profit that beat its own guidance and raised its dividend as new products and low debt levels shielded it from an economic downturn in some markets.
"Skellerup was a stand-out," said Greg Easton, an adviser at Craigs Investment Partners.
"Over the last few months people have been stocking very much to the blue chips. Now with these good results they're starting to look wider."
NZ Refining climbed 3.9 per cent to $2.70.
The company posted a first-half loss of $1.5 million, partly reflecting a drop in its average gross refinery margin was $US4.36 a barrel from $US6.56 in the first half of last year. Margins have improved slightly since the end of the year, it said.
"Things are on the up again, which is positive," Mr Easton said.
Fisher & Paykel Appliances, the manufacturer of dishwashers, ovens and fridges, rose 3.8 per cent to 68 cents after giving a market update in which it forecast a recovery in earnings from its appliances business this year because it doesn't expect a repeat of last year's hedging losses.
Postie Plus Group fell 4.6 per cent to 21 cents after announcing that chief executive Ron Boskell will step down in January after seven years leading the clothing retailer, to "make way for further renewal in the management team".Vector, the electricity and gas lines company, was unchanged at $2.70 after reporting underlying revenue was up 5 per cent and underlying profit gained 16 per cent.
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