NZ sharemarket up on Manawa takeover proposal

NZ sharemarket up on Manawa takeover proposal
There were 68 gainers and 56 decliners on the main board. (Image: Supplied)
Graham Skellern
Energy generator Manawa surged more than 30% on the New Zealand sharemarket after receiving a takeover proposal from Contact valued at $1.86 billion and supported by major shareholders.The S&P/NZX 50 Index ended slightly ahead after an up-and-down day.According to the NZX at just after 6pm, the NZX50 has gained 9.64 points or 0.08% to 12,642.47 with 26 million shares changing hands worth $103.7m.“I think half the market was listening to the amusing presidential debate in the United States,” Matt Goodson, managing director of Sal...

More Markets

Westpac cops $3.64m penalty for lender responsibility breaches
Finance

Westpac cops $3.64m penalty for lender responsibility breaches

Credit Contracts and Consumer Finance Act in focus again.

New Talisman in trading halt
Markets

New Talisman in trading halt

New Talisman Gold Mines has been placed in a trading halt because of its financial position.The mining company requested the halt, saying the board must meet “to consider the company’s current financial position and its strategic path forward”.“The board cannot reach a conclusion...

Port of Tauranga Stella Passage project referred to fast-track process
Markets

Port of Tauranga Stella Passage project referred to fast-track process

The infrastructure minister has accepted Port of Tauranga’s request to refer the Stella Passage development resource consent application to the fast-track consenting process.The application is the same as the one lodged with the Environmental Protection Authority (EPA) in April t...

Rakon reports 1H net loss of $3 million
Markets

Rakon reports 1H net loss of $3 million

Rakon has reported a net loss of $3 million for the six months to Sept 30, compared with its year-ago $10m loss.Revenue increased 30.2% from the year-ago $41.7m to $54.2m.Underlying earnings before interest, tax, depreciation and amortisation (ebitda) were $3.6m from a year-ago e...