NZ shares rally under shadow of Air NZ capital raising
The S&P/NZX 50 Index rose 179.34 points, or 1.5%, to 12,098.80. Turnover was $282.3 million across the main board, with Mercury NZ accounting for an unusually large $100.1m.
The local market was already following its international peers higher as investors took heart from positive talks between Russia and Ukraine, propelling stocks on Wall Street and Asia higher. The benchmark index got a tailwind after Air NZ halted trading of its shares at 4pm ahead of a briefing on its plans to raise what some analysts estimate would be about $1.1 billion.
The national carrier’s shares fell 1.8% to $1.375 with 2.3 million shares changing hands before trading was halted, in what ended up being the biggest fall of the day. Auckland International Airport rose 0.7% to $7.70.
“Air NZ’s capital raise has been talked about since covid began so it's certainly no surprise that they’ve finally announced it,” said Mark Lister, head of private wealth research at Craigs Investment Partners.
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