Investor demand continues for yield stocks
The S&P/NZX 50 Index rose 71.37 points, or 0.65 percent, to 10,996.99. Within the index, 24 stocks rose, 19 fell and seven were unchanged. Turnover was light at $92.18 million.
“The S&P 500 was up half a percent and the US and European markets, for the most part, were up, so there was a positive lead and the market took a while to get going this morning,” Grant Davies, an investment adviser at Hamilton Hindin Green said.
“The key news for today is Kathmandu’s purchase of Rip Curl which is a reasonable-sized acquisition and looks to be a good one given the company’s core competencies,” Davies said.
Kathmandu shares are in a trading halt as the outdoor clothing retailer completes an entitlement offer to raise $145 million for the deal. The company will pay $368 million to buy the surf brand which it says will create a billion-dollar retailer and add at least 10 percent to earnings per share.
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