NZ shares gain as Infratil rallies on fresh capital
The S&P/NZX 50 index rose 68.89 points, or 0.6%, to 11,767.40. Within the index, 68 stocks gained, 69 fell and 44 were unchanged. Turnover was $192 million, with Infratil accounting for $59.4m.
The local market was buoyed by a global rally ahead of a series of Federal Reserve speakers in the US, soothed nerves about the upcoming French election in Europe and in the run-up to the Reserve Bank of Australia’s policy review, which kept the target cash rate unchanged at 4.35% as expected.
Infratil was among the day’s biggest gainers, up 3.9% at $11.31 on a volume of 5.4m as it resumed trading from its $1b placement to institutional investors, who bought at a discounted $10.15 a share.
The investment firm will sell a further $150m of stock to retail investors, using the proceeds to help fuel the growth of its CDC data business, which is latching on to burgeoning demand for artificial intelligence applications.
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