NZ shares gain as Trade Me hits record on takeover

The S&P/NZX 50 index climbed 67.42 points, or 0.8 percent, to 8,738.36. Within the index, 31 stocks gained, 13 fell and six were unchanged. Turnover was $132.2 million.

Trade Me led the market higher, up 3.1 percent to a record close $6.37, in heavier than usual trading with 2.6 million shares changing hands. The online marketplace's board agreed to support a $2.56 billion takeover by British private equity firm Apax Partners, which raised its bid to $6.45 a share. The transaction would be via a scheme of arrangement and will need shareholder, High Court, and Overseas Investment Office approval.

"A wee bit of a bounce today across a number of names, but Trade Me was obviously the driver," said James Lindsay, a senior portfolio manager at Nikko Asset Management. "It's a scheme of arrangement rather than a normal on-market bid which does have a lower threshold as well which is an interesting dynamic."

Restaurant Brands New Zealand, which is under a partial takeover offer, fell 0.4 percent to $8.47.