Market commentaries

WELLINGTON: New Zealand shares joined an AsiaPartners, which raised its bid to $6.45 a share. The wide rally yesterday on signs that ChinaUS trade transaction would be via a scheme of arrangement relations may be thawing, while Trade Me hit a and will need shareholder, High Court, and record on news the board will back a private equity Overseas Investment Office approval. takeover. ‘‘A wee bit of a bounce today across a number

The S&P/NZX 50 index climbed 67.42 points, or of names, but Trade Me was obviously the driver,’’ 0.8%, to 8738.36. Within the index, 31 stocks James Lindsay, a senior portfolio manager at Nikko gained, 13 fell and six were unchanged. Turnover Asset Management, said. was $132.2 million. ‘‘It’s a scheme of arrangement rather than a

Trade Me led the market higher, up 3.1% to a normal onmarket bid which does have a lower record close $6.37, in heavier than usual trading — threshold as well, which is an interesting 2.6 million shares changed hands. The online dynamic.’’ marketplace’s board agreed to support a $2.56 bilRestaurant Brands New Zealand, which is under

byCBritish eqhuity Apaxra fetll lion takeover private firm partial offer, 0.4% to

Stocks across Asia gained as investor confidence recovered on news that China plans to cut tariffs on US vehicles as the world’s two biggest economies attempt to rebuild strained relationships. Australia’s S&P/ASX 200 index was up 1.4% in afternoon trading and Hong Kong’s Hang Seng was up 1.5%.

Growth stocks benefited from the lift in sentiment. Pushpay Holdings was up 3.5% at $3.28 on very light volumes and a2 Milk rose 2.5% to $10.89 on less than half its average volume.

Fletcher Building increased 1.7% to $4.70 in smaller than usual activity. Australian fund manager Perpetual increased its stake in construction firm to

froma10%.

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