Infratil surge pushes NZX to new record

The S&P/NZX 50 Index rose 169.81 points, or 1.3 percent, to an all-time high of 12,889.40. Within the index, 31 stocks rose, 13 fell and six were unchanged. Turnover was $219.9 million.

Infrastructure investment firm Infratil drove the market higher, leaping 19.2 percent to hit its own record at $7.25. This came as investors rushed to buy the stock on the news AustralianSuper was aggressively shopping a takeover bid at $7.43 per share in cash and an in specie distribution of Trustpower shares.

The Infratil board rejected the offer saying it undervalued the company, but reports suggest the Aussie pension fund may circle back with another bid.

“It looks like an offer rebuffed but there may be further games to play,” said Grant Davies, an investment adviser at Hamilton Hindin Greene.