Short sellers send A2 shares up

Meanwhile, the S&P/NZX 50 Index fell 0.3%, to 12,720.15, as the majority of stocks declined. Turnover was $179 million.

The Australian today reported Swiss-owned dairy giant Nestle had been eying up a possible takeover bid of the infant formula brand after it reports its annual results.

This sent the stock flying as high as $7.16 – a 13% gain – before closing at $7.05, up 11.4% from yesterday’s closing price.

Head of private wealth research at Craigs Investment Partners, Mark Lister said it was just one newspaper reporting “what looks like an off-the-cuff comment” but it was a realistic possibility.