NZ shares rise; Metlife jumps on takeover talk
The S&P/NZX 50 Index rose 83.25 points, or 0.8 percent, to 10,975.49. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $189.1 million.
Metlifecare jumped 12.8 percent to $5.73, a 12 month-high, with 576,000 shares traded. That was more than twice its 90-day average of 248,000, and comes a day after an investor bought 3.6 million shares at $5.05 apiece. Metlifecare's board suspended a $30 million share buyback programme while it engaged with the would-be buyer.
Michael McCarthy, chief market strategist at CMC Markets, said the weaker New Zealand dollar was making assets cheaper for cashed-up overseas buyers, and that the non-binding nature of the unnamed suitor had the hallmark of private equity.
"From an international point of view, some of these businesses are looking very cheap," he said.
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