Alexa

New Zealand stocks rise on low volume, takeover activity

New Zealand stocks rise on low volume, takeover activity

New Zealand stocks rose on slight volume Monday, boosted by takeover activity and strength in bellwether Telecom Corp. ahead of its third quarter earnings results Thursday.
The benchmark NZX-50 was up 13.2 points, or 0.3 percent, at 4,194.64.
Campbell Stuart, head of equities at UBS, said the market is unlikely to kick back into gear after several weeks of holiday-affected trade until next week, when the latest reporting round gathers steam.
"It's been very quiet. The highlight was ... takeover announcements. There was nothing else to get excited about at all," he said.
Tourism Holdings was one standout, jumping 20.7 percent to NZ$2.74 after Australia's MFS Leisure launched a NZ$2.80-a-share takeover bid for the tourism operator.
Bellwether Telecom Corp. rose 0.8 percent to NZ$4.83 ahead of its fiscal third-quarter result Thursday. Analysts say the result for the quarter ended March 31 is likely to be eclipsed by news of a potential capital return from the NZ$2.24 billion sale of its Yellow Pages directories business.
Fisher & Paykel Appliances fell 1.1 percent to NZ$3.53 on profit-taking after running up strongly late last week on news it plans to shift part of its laundry manufacturing to Thailand to cut costs and improve margins.
Market minnow, dental software firm Software of Excellence rallied 21 percent to NZ$2.60 after the company said it had received a conditional offer from an unnamed party contemplating a takeover offer.