Fisher Funds reports 5.7% July return

Kingfish portfolio manager, Fisher Funds, has reported a gross performance return of 5.7% for July.

The company's adjusted net asset value (NAV) return was slightly lower at 5.6%.

The strong performance of New Zealand shares in July, with the S&P/NZX 50 gross index up 5.9%, was attributed to the Reserve Bank's "dovish" commentary and takeover interest in local companies.

However, Auckland Airport's share price declined 2% after the release of a draft report by the Commerce Commission.

Contact Energy also experienced a drop of 6% because of the impact of the gas shortage and low hydro lake levels.

Mainfreight's share price surged 12% despite reporting a disappointing trading update.

Summerset's shares significantly increased by 18% after a strong second-quarter sales update.