MARKET CLOSE: NZ shares gain as investors 'buy the rumour'; MRP becomes Mercury

Fri, 29 Jul 2016

By Sophie Boot July 29 (BusinessDesk) - New Zealand shares rose to a fresh record, led by Comvita and Fletcher Building. The S&P/NZX 50 Index rose 49.26 points, or 0.7 percent, to 7,355.61. Within the index, 26 stocks rose, 16 fell and nine were unchanged. Turnover was $164 million. James Smalley, director at Hamilton Hindin Greene, said there was a bit of "buy the rumour" happening in the market, with stocks bought up ahead of reporting season. "It appears the market does have a reasonable amount of momentum heading into reportin...

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