Positive reporting and speculation drive sharemarket higher

Media reports on Fletcher helped boost the sharemarket. (Image: Getty)

Thu, 23 May 2024

Another rumour of a takeover bid for Fletcher Building, the country’s largest construction company, energised the New Zealand sharemarket for a rise of more than half a percent.The S&P/NZX 50 Index had a solid day’s trading and closed at 11,809.48, up 77.2 points or 0.66% after reaching an early-morning low of 11,700.04.There were 66 gainers and 73 decliners over the whole market on volumes of 32.15 million share transactions worth $122.92m.Things got interesting with speculation out of Australia that American private equity inv...

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