NZME told NZ RegCo on Friday that it complies with continuous disclosure obligations after a jump in its share price.
NZME shares were trading at $1.07 early on Friday.
According to RegCo, the price of the shares has increased from $0.92 on July 3 to the current bid-offer spread of $1.08-$1.10. The last sale price was $1.08 when RegCo lodged the inquiry, which represented a price move of 17% in about one week, it said.
Brokers noted that volumes have been quite light, exacerbated by school holiday trading, so moves are magnified.
In April, chief executive Michael Boggs told NZME’s annual meeting that, while the operating environment continued to be challenging, advertising revenue in the first quarter of 2024 had been stronger, with 4% growth year on year, reflecting the company’s increased overall market share.
