NZ sharemarket ends week up 1.5%

A $6 billion takeover offer of ASX-listed Virgin Money UK boosted bank share prices this side of the Tasman.

Fri, 08 Mar 2024

The New Zealand sharemarket ended the week with a 1% surge, fuelled by banking and building materials takeover activity in Australia and the bull market on Wall Street.The S&P/NZX 50 Index momentarily reached a mid-morning low of 11,786.35 but then climbed steadily to close at 11,923.72, up 119.79 points or 1.01% – its highest close in five weeks.The index gained 1.5% for the week and is now up 1.3% so far this year.There were 94 gainers and 33 decliners over the whole market on volumes of 26.06 million share transactions worth $123.9...

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