New Zealand Shares End Flat; Manawa Energy Soars 33% on Contact Buyout Offer
New Zealand shares remained muted on Wednesday, with the proposed combination of two large power companies bucking the trend of an otherwise quiet trading so far this week.
The S&P/NZX 50 Index was little changed to close at 12,632.35.
By sector, the biggest gainer was distribution services, up 0.9%. Consumer durables logged the biggest decline, down 5.8%.
Markets await a key US report on inflation ahead of next week's US Federal Reserve meeting, where analysts are expecting a rate cut.
On the domestic front, Manawa Energy (NZE:MNW) logged its best day as shares climbed nearly 33% at market close. Contact Energy (NZE:CEN, ASX:CEN) agreed to acquire the renewable electricity generator for NZ$5.95 per share in a move that is seen to accelerate renewable development opportunities and support New Zealand's energy transition.
Dual-listed Contact Energy was down 3.2% in New Zealand.
Elsewhere, Briscoe Group (ASX:BGP, NZE:BGP) reported earnings of NZ$0.182 per share for the half year ended July 28, down from NZ$0.192 per share in the year-ago period. Total revenue rose nearly 1% to NZ$372.1 million from NZ$369.2 million.
Chatham Rock Phosphate (NZE:CRP) raised CA$112,440 via a private placement of 1.4 million common shares at CA$0.08 apiece.
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