The New Zealand sharemarket rose today as whiteware manufacturer and exporter Fisher & Paykel Appliances continued to increase as news developed about a takeover of the company by Haier.
Chinese shareholder Haier, also a whiteware manufacturer, has offered $1.20 a share to take over the company, promising no redundancies in New Zealand as a direct result.
The NZX50 rose 1.19 per cent, or 44.76, points to 3789.71. Within the index, 36 stocks rose, seven fell and seven were unchanged.
"Clearly the highlight is the trading in Fisher & Paykel Appliances," BT Funds Management portfolio manager Matthew Goodson said.
"It is trading at $1.17 a share compared to the Haier bid of $1.20. From that, we've seen real strength in the rest of the market."
Rural services company PGG Wrightson was up 5.6 per cent to 38c. Would-be bank Heartland rose 5 per cent to 63c. Guinness Peat Group was up 3.9 per cent to 53c.
Jewellery retailer Michael Hill International was up 3.5 per cent to $1.17. Mainfreight, the international trucking and logistics company, was up 3.4 per cent to $10.34.
Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 2.7 per cent to $2.26. Auckland International Airport rose 2.3 per cent to $2.64. Industrial chemicals and resins maker Nuplex was up 2.3 per cent to $3.15.
New Zealand Oil & Gas led declining stocks with a 5 per cent fall to 86c. Air New Zealand was down 2.2 per cent to $1.11. Trade Me Group was down 1 per cent to $3.95 as it went ex-dividend.
Restaurant Brands, the operator behind coffee chain Starbucks, fell 0.9 per cent to $2.25. Freightways fell 0.5 per cent to $4.12. Infratil was down 0.2 per cent to $2.13.
Clothing retailer Hallenstein Glassons fell 0.2 per cent to $4.54. Telecom was down 0.2 per cent to $2.50. Pay TV operator Sky Network Television fell 0.2 per cent to $5.07.
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