New Zealand shares rose, led by Fisher & Paykel Appliances, which soared to a four-year high after major shareholder Haier of China indicated it may buy the whole company.
The NZX 50 Index rose 4.72 points, or 0.1 per cent, to 3726.90. Within the index, 20 stocks rose, 26 fell and four were unchanged. Turnover was worth $88 million.
Shares in Fisher & Paykel Appliances climbed 29 per cent to 97. Haier, which currently owns 20 per cent of the Auckland-based firm, has indicated it may offer to buy the whole company and has approached three other major investors. No price was given for the potential cash offer.
“It’s early days given it’s an indication – it’s really a watch this space,” said Mark Lister, head of private wealth research at Craigs Investment Partners.
“One would presume it will be at a pretty premium compared to where the price opened before the bid – something a little north of a dollar would be what people will be looking at.”
PGG Wrightson, New Zealand’s largest agricultural company, rose 5.9 per cent to 36 cents.
Heartland, the would-be-bank, gaining 5.3 per cent to 60 cents. Goodman Fielder fell about 3 per cent to 65 cents.
Fletcher Building, New Zealand largest listed construction company, rose 0.8 per cent to $6.55.
Telecom fell 1.6 per cent to $2.44. The stock has gained about 20 per cent this year. Simon Moutter, the telecommunications company’s chief executive, has stepped down from the board of Telecom’s debt-issuing unit to focus on running the firm’s main operations, effective immediately.
“It’s sensible that he focuses on the main Telecom – it’s pretty procedural,” Mr Lister said.
Argosy Property, whose shareholders agreed to corporatise the company after buying out its ANZ Bank-owned manager last year, fell 2.8 per cent to 87 cents.
