MARKET CLOSE: NZ shares gain; retirement village operators buoyed by M&A

Mon, 23 Dec 2019

New Zealand shares rose as the prospect of a higher takeover bid for Metlifecare whetted investor appetite for other retirement village operators, while Restaurant Brands hit a record on its foray into California. The S&P/NZX 50 Index advanced 64.96 points, or 0.6 percent, to 11,547.23. Within the index, 26 stocks rose, 18 fell, and six were unchanged. Turnover was $77.8 million. Metlifecare received a better takeover offer from its unnamed suitor than the initial $6.50 put forward, and its board has "substantially negotiated" a scheme...

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