New Zealand Shares Rise on Health Tech Stocks' Gains; Skycity Asked to Pay NZ$4 Million in Penalty

MT Newswires Live09-26

New Zealand shares advanced on Thursday, buoyed by gains from health technology stocks.

The S&P/NZX 50 Index rose 2.2%, or 267.1 points, to close at 12,491.58.

Health technology shares led the rally with a 3.9% increase. Pacific Edge (ASX:PEB, NZE:PEB) rose nearly 12% as the cancer diagnostics company awaited a US decision on the Medicare coverage status for its Cxbladder tests.

On the data front, the BusinessNZ Economic Conditions Index stood at 8 for the three months to September, up 13 on the previous quarter, suggesting persisting macro headwinds despite a slight improvement.

The country's official reserve assets fell to NZ$32.57 billion in August from NZ$35.65 billion in July, data from the Reserve Bank of New Zealand showed.

In other corporate news, the High Court of New Zealand asked Skycity Entertainment Group's (ASX:SKC, NZE:SKC) SkyCity Casino Management to pay NZ$4.2 million in civil penalty for historic breaches of anti-money laundering and counter-terrorism financing act. The company's shares were up nearly 6% at market close.

The Warehouse Group (NZE:WHS) saw its adjusted earnings per share fall more than 67% to NZ$0.055 in the 52 weeks ended July 28 from NZ$0.166 a year ago.

Fletcher Building (NZE:FBU, ASX:FBU) opened the retail component of its NZ$418 million 1-for-4.49 pro-rata accelerated non-renounceable entitlement offer. The homebuilder's shares were down almost 2% at market close.

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