NZ shares rise; Tourism Holdings rallies on joint venture exit
The S&P/NZX 50 Index advanced 64.62 points, or 0.7 percent, to 9,935.18. Within the index, 29 stocks rose, 18 fell, and three were unchanged. Turnover was $198.4 million.
Tourism Holdings led the market higher, rising 7.5 percent to $1 after it said it reached an agreement with Thor Industries to exit their Togo joint venture. The rental campervan operator will instead focus on a digital strategy in New Zealand and Australia.
Tourism Holdings will sell down its stake for US$6 million and is entitled to an annual dividend of US$600,000 for four years. Thor has a four-year option to buy out the remaining stake for US$20 million.
Greg Smith, head of research at Fat Prophets, said any positive news was being eagerly absorbed by investors during the covid–19 outbreak.
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