The Markets
NZ sharemarket up nearly 1% amid ongoing takeover drama
Tuesday 23rd of July 2024
The S&P/NZX 50 Index climbed at lunchtime and closed on 12,425.58, up 115.67 points or 0.94%.
The index last reached those levels in early February 2022. There were 96 gainers and 33 decliners over the whole market on heavy volumes of 115.19 million share transactions worth $239.9m.
Retirement village operator Arvida Group, unchanged at $1.61, again dominated the trading on 71.78m shares worth $115.55m after receiving a takeover offer from New York investment firm Stonepeak at $1.70 a share.
The Arvida board unanimously supports the bid.
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