Nuplex, Diligent lead S&P/NZX 50 Index

  • 15/02/2016

By Sophie Boot

New Zealand stocks rose as Nuplex Industries and Diligent Corp soared following takeover offers, after more positive global leads.

The S&P/NZX 50 Index advanced 100.3 points, or 1.7 percent, to 6034.29. Within the index, 34 stocks rose, nine fell and seven were unchanged. Turnover was $107 million.

Nuplex led the index, up 30 percent to $5, an eight-year high. The stock had closed at $3.86 on Friday, prior to Monday's announcement that Allnex Belgium SA has proposed buying the company via a scheme of arrangement at a 44 percent premium to the New Zealand company's recent trading price, to create one of the world's largest makers of coating resins.

Allnex, which is controlled by Boston-based private equity firm Advent International, would offer $5.55 a share for Nuplex, valuing the target at $1.05 billion.

Diligent shares also soared, up 27 percent to $7.14, a price not seen since June 2013, after news it's being acquired by venture capital firm Insight Venture Partners in a deal that values the governance software developer at $941 million.

Sky TV rose 6.2 percent to $4.49, A2 Milk advanced 5.1 percent to $1.84, and Meridian Energy gained 3.4 percent to $2.315.

Stocks across Asia mostly traded higher on Monday, with the exception of Chinese markets, with the large-cap CSI 300 falling 1.4 percent which is less than expected in its first session since Feb. 5 after a week of volatile global swings. Hong Kong's Hang Seng rose 2.7 percent and Australia's S&P/ASX 200 gained 1.3 percent at 5:20 New Zealand time.

ANZ grew 3 percent to $24.42, and Skellerup Holdings rose 2.9 percent to $1.40.

Contact Energy rose 0.9 percent to $4.42.

Coats Group fell 2.1 percent to 47 cents, while Infratil dropped 1.9 percent to $3.03 and Port of Tauranga declined 1.4 percent to $17.85.

Property For Industry fell 0.3 percent to $1.615.