MARKET CLOSE: NZ shares rise, led by Guinness Peat, Heartland

Thu, 12 Jul 2012

By Hannah Lynch July 12 (BusinessDesk) - New Zealand shares rose as merger and acquisition activity lifted Guinness Peat Group and Telstra. Heartland rose after an overhang of shares was sold. The NZX 50 Index rose 22.5 points, or 0.6 percent, to 3501.39. Within the index, 25 stocks rose, 15 fell and 10 were unchanged. Turnover was $90 million. Shares in GPG rose 2.2 percent to 45 cents after it rejected a A$220 million full takeover bid for ClearView Wealth, the investment firm’s second-biggest asset, saying the price was “wholly inadequat...

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