The New Zealand sharemarket managed to hold on to strong gains posted when the market opened following a surge in equities on Wall Street.As the market closed, Affco shareholders were advised to take no action as an offer from Talleys Group at 37c a share
The New Zealand sharemarket managed to hold on to strong gains posted when the market opened following a surge in equities on Wall Street.
As the market closed, Affco shareholders were advised to take no action as an offer from Talleys Group at 37c a share was likely after it agreed to buy out Toocooya, a Spencer family company, at that price. The shares last traded at 37c.
Telecom rose 3c early to 190, on top of a 6c gain yesterday, having fallen to a record low of 179 this week. It ended the session on 191, up 4c.
The benchmark NZX-50 index closed up 38.935 points, or 1.3%, at 3041.263, after opening up around 33 points. There were 65 rises and 19 falls among the 105 stocks traded.
Port of Tauranga rose 25c to 680 after increasing its earnings guidance for the full year and detailing the impact of policies affecting tax in the May government budget.
Among other leading stocks, Fletcher Building gained 10c early to 810, and Contact Energy lifted 11c to 584.
NZX fell 8c to 150 even though it was announced Pip Dunphy would chair NZX subsidiary New Zealand Clearing and Depository Corp.
Goodman Fielder rose 7c to 170. Nuplex rose 6c to 293 and Ebos Group rose 9c to 610.
The Warehouse rose 10c to 355, Hallenstein Glasson rose 11 to 34, while NZ Refining fell 3c to 327. Cavalier Carpets rose 16c to 250 and Ryman Healthcare rose 2c to 213.
NZOG rose 2c to 143 and Pike River Coal rose 2c to 95.
