Serko cracks $7 as NZ shares rise
The S&P/NZX 50 Index rose 19.3 points, or 0.2%, to 12,368.13. Within the index, 16 stocks rose, 25 fell and nine were unchanged. Turnover was $150 million.
Serko led the market, climbing 3.6% to reach an all-time high of $7.01, bringing its gain in March alone to more than 20%. The stock traded as low as $1.13 in March last year as the pandemic decimated the travel industry.
Craig Brown, a portfolio manager at ANZ Bank, said the move above $7 was on very light volume – only 57,000 shares were traded – but had been climbing as booking volumes have recovered and a deal with a European travel giant moved forward.
“It is a business with good technology behind it and investors have been encouraged by the progress made with booking.com,” he said
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