NZ sharemarket slips as Rakon shares rocket

NZ sharemarket slips as Rakon shares rocket
Rakon shares took off rising almost 100%. (Image: Rocket Lab)
Graham Skellern
The New Zealand sharemarket slipped nearly half a percent in a day of volatility and intrigue, with two takeover moves and a significant shareholding sell-down in the offing.The S&P/NZX 50 Index traded in a range of 11,507.41 and 11,422.87 before settling at 11,449.47, down 46.17 points or 0.4%.There were 65 gainers and 52 decliners on the main board with 20.62 million shares worth $72.49m changing hands.Advanced manufacturer Rakon received an unsolicited takeover proposal at nearly three times its then trading price. Rakon, which manufactu...

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