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More takeover activity helped propel the New Zealand sharemarket to a new high this morning.
The share price of CanWest MediaWorks, the owner of television stations TV3 and C4 along with a stable of radio stations, rose in early trade after a takeover bid was revealed.
The 8c rise to 242 came after Australian private equity company Ironbridge announced it was to launch a full takeover bid for MediaWorks.
Ironbridge has an agreement to buy the approximately 70 per cent stake in MediaWorks owned by CanWest MediaWorks Ireland Holdings at $2.43 per share.
Within about 35 minutes of the market opening, the benchmark NZSX-50 index hit a new record high up 21.62 points to 4224.2.
Auckland International Airport shares rose 1c early to 270, after yesterday's rollercoaster ride during which they hit a high of 282, before closing up just 3c at 269.
Shares in the airport company gained about 16 per cent in the past fortnight and initially soared yesterday amid reports there had been a failed raid on its share register.
Later, the airport company said it had received no approaches, pushing the share price lower.
Yesterday 2.2 million of the company's shares were traded.
Several heavyweight stocks were up early today, with top stock Telecom up 2c to 482, while Contact Energy lifted 5c to 875, and Fletcher Building rose 3c to 1155.
Among other stocks rising early were Fisher & Paykel Healthcare up 5c to 380, Hellaby Holdings 2c to 419, Infratil 3c to 615, Port of Tauranga 3c to 645, Sanford 8c to 475, and Sky TV 10c to 600.
Stocks down early included Air New Zealand, 1c to 284, F&P Appliances 1c to 370, Steel & Tube 3c to 427, and The Warehouse 4c to 672.
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In the US the Dow Jones industrial average closed at a record on Monday for the fifth day in a row, buoyed by Alcoa's US$27 billion ($37.1 billion) bid for Alcan.
Alcoa Inc, the world's largest aluminium company, pushed the Dow and the S&P 500 higher with a gain of 8 per cent, leading the latest round of takeover deals that have lifted the market in recent months.
The Dow gained 0.36 per cent to end at a record of 13,312.97. Earlier, it also hit an all-time intraday high of 13,317.69.
The Standard & Poor's 500 Index advanced 0.26 per cent, to finish at 1509.48, off a fresh 52-week high at 1511.00. But the Nasdaq Composite Index dipped 0.05 per cent, to close at 2570.95. Earlier, the Nasdaq also reached a new 52-week high at 2580.06.
- NZPA