Shares in private hospital group Acurity Health jumped to an 11-month high yesterday as almost 3.3 per cent of the company's shares on issue changed hands.
The stock closed up 36 per cent at $5.50, the highest since November last year, on turnover of about $3.3 million.
That is a 3 per cent premium to Acurity's net tangible assets, valued at $5.34 according to NZX data, but still cheaper than the $6 price paid by the Stewart family and the Royston Hospital Trust Board to take control of the company last year.
The spike comes 10 days after the Wellington-based company formerly known as Wakefield Health said underlying earnings were up by between 17 per cent and 23 per cent to a range of $3.3 million to $3.5 million in the six months ended September 30 as the hospital operator clamped down on costs faster than it lost revenue.
It will announce the full results on November 4.
