NZ shares rise in quiet trading as Fonterra hits 4-month high
The S&P/NZX 50 Index increased 82.80 points, or 0.8 percent, to 10,975.62. Within the index, 36 stocks rose, nine fell, and five were unchanged. Turnover was $69.1 million, with just one stock trading on volume of more than a million shares.
Grant Davies, an investment advisor at Hamilton Hindin Greene, said trading was very quiet, in part because investors were somewhat occupied by three capital raisings that are underway: Kathmandu, Goodman Property Trust, and Tower.
Kathmandu was the most traded stock on a volume of 1.1 million shares, more than three times its 90-day average of 283,000. The outdoor equipment chain is in the process of raising $145 million in an entitlement offer to help fund its A$350 million Rip Curl acquisition. The shares were unchanged at $3.10.
"Corporate activity going on in the background is taking up a bit of time for brokers," Davies said.
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