Positive reporting and speculation drive sharemarket higher
The S&P/NZX 50 Index had a solid day’s trading and closed at 11,809.48, up 77.2 points or 0.66% after reaching an early-morning low of 11,700.04.
There were 66 gainers and 73 decliners over the whole market on volumes of 32.15 million share transactions worth $122.92m.
Things got interesting with speculation out of Australia that American private equity investment firm Platinum Equity was carrying out a substantial amount of work on a buyout of all or parts of Fletcher, as the dual-listed stock remains under pressure.
Fletcher Building rose 27c or 9.25% to $3.19 on trade worth $12.37m after reaching an intraday high of $3.30. Over the past two years its highest share price has been $5.68.
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