NZ sharemarket slips as Rakon shares rocket

The S&P/NZX 50 Index traded in a range of 11,507.41 and 11,422.87 before settling at 11,449.47, down 46.17 points or 0.4%.

There were 65 gainers and 52 decliners on the main board with 20.62 million shares worth $72.49m changing hands.

Advanced manufacturer Rakon received an unsolicited takeover proposal at nearly three times its then trading price. Rakon, which manufactures advanced frequency control and timing solutions, was trading at 62c when it went into a trading halt.

Late in the day, Rakon told the market that the proposal came from a credible industry player at $1.70 a share. “The proposal is incomplete and highly conditional and, as a result, there can be no certainty that any transaction will eventuate.”