NZ shares rise as index funds rebalance
The S&P/NZX 50 Index rose 19.08 points, or 0.2 percent, to 12,515.22. Within the index, 30 stocks fell, 17 rose and three were unchanged. Turnover was $514.5 million due to the rebalance.
Mercury NZ led the market higher, up 4.8% to close out the week at $6.55 after having struck a deal on Monday to buy Tilt Renewables’ NZ assets.
The electricity generator is now up almost 10% this week, having opened the week at $6.
Infratil dropped 5.4% to $6.95 in the rebalance, wiping away any share price gain it made from the sale of Tilt, which itself has been trading steadily just below the takeover price at $7.60.
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