NZ shares snap six-day decline
Many New Zealand shares bounced back from a six-day slump as investors began to see bargains in the depressed prices with the benchmark equity index down more than 7% this year.
The S&P/NZX 50 Index rose 86.63 points, or 0.7%, to 12,227.29. Within the index, 25 stocks fell, 24 rose and one was unchanged. Turnover was $383 million.
A raft of positive results from listed companies, in the past two weeks, have been overshadowed by rising interest rates which caused the share market to fall significantly.
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Down to work within a week of forming partnership
Tauranga-based PMG Property Funds Management has wasted no time in getting down to work with Australia-based listed 360 Capital, which it formed a 50% equity partnership with last week.
PMG is about to launch a $66 million capital raise to buy four mainly industrial properties off-market across Christchurch, Wellington, Hamilton and Auckland for $108 million, each individually owned. 360 Capital will underwrite a portion of the capital raise, while extra borrowings will complete the purchases due to be settled next month.
When the deals are completed, the four properties will go ...MORE»
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