tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

Investments

rss
The Markets

Sharemarket extend gains; Metlifecare knocks back takeover bid

New Zealand shares extended their gains in what’s shaping up to a record year, with Metlifecare gaining after knocking back a takeover bid at considered too low.

Thursday, December 19th 2019, 6:21PM

by BusinessDesk

The S&P/NZX 50 Index advanced 151.05 points, or 1.3 percent, to a record 11,480.61. Within the index, 37 stocks rose, 10 fell and three were unchanged. Turnover was $170.5 million.

Metlifecare increased 2 percent to $6.12 on a volume of 606,000 shares, more than twice its 90-day average of 258,000. The retirement village operator said its suitor lobbed in an indicative takeover bid at $6.50 a share, but that its major shareholders wouldn’t accept. The company said its internal valuations could be more than $8 and that it had received two other expressions of interest.

Grant Williamson, a director at Hamilton Hindin Greene, said Metlifecare shares have recovered from the $4.25 low they traded at in August, and that the prospect of multiple suitors made for an interesting dynamic.

“I’ll be interested to see whether the $6.50 is the best offer or the first offer,” he said.

Arvida Group led the market higher, up 4.7 percent at $1.77 on a volume of 2.6 million shares, more than five times its 468,000 average.

Ryman Healthcare increased 0.8 percent to $16 and Summerset Group was up 0.6 percent at $7.86 with 1.3 million shares traded.

The local market outperformed the rest of Asia, with stock markets across the region weaker after the US House of Representatives voted to impeach President Donald Trump for abuse of power.

Fisher & Paykel Healthcare climbed 4 percent to a record $23.15. The country’s biggest listed company is poised to lead the benchmark index higher in 2019, up 71.2 percent so far this year.

Spark New Zealand rose 1.9 percent to $4.40 on a volume of 2.8 million shares, the busiest stock of the day. The telco sold its Lightbox arm to Sky Network Television for an undisclosed sum and said the two rivals would work together on the entertainment streaming video service in the new year.

Sky didn’t fare as well, falling 2.8 percent to 70 cents, on a volume of 933,000 shares, slightly less than its 1.1 million average.

“There’s no winning for those boys,” Williamson said.

Of other companies trading on volumes of more than a million shares, Kiwi Property Group was unchanged at $1.555, Meridian Energy rose 0.6 percent to $4.83, Kathmandu Holdings was up 0.6 percent at $3.30, Stride Property was unchanged at $2.26 and Auckland International Airport rose 2.6 percent to $8.99.

Outside the benchmark index, Promisia Integrative suspended trading at 0.2 cents as it prepares for a $31.3 million reverse listing of four aged care facilities.

Wellington Drive Technologies increased 0.6 percent to 17.1 cents on a volume of 39.7 million shares, or 12.3 percent of the shares on issue. A substantial shareholder notice showed NZX-owned fund manager Superlife sold 39.6 million shares for $5.5 million, or 14 cents apiece.

NZX was up 0.8 percent at $1.33.

Tags: Market Close

« NZ shares march higher as holiday trading takes holdRecord year beckons for NZ shares; index reweighting drives big volume »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com