NZ Finance says it cannot explain share price rise

Mortgage broker NZ Finance said today in response to a stock exchange inquiry that it can't explain its share price rise.

"We note that New Zealand Finance Holdings Limited (NZF) shares were traded this afternoon on the NZSX Market at $1.05 per share," NZX said in a letter dated yesterday but released today.

"This is an increase of 20 cents per share (23.5 per cent), since market close on Friday March 18."

NZ Finance company secretary Malcolm Lindeque responded that the company had nothing to disclose nor had it disclosed anything that explained the price rise.

Shares in NZF traded at 35c when they listed in October last year. They were trading at 80-90c this month until Friday which they jumped. They were rose another 3c to $1.05 today.

In February, NZF agreed to buy Approved Mortgage Brokers (AMB) for $1.2 million by issuing 2.67 million shares at 45c each.

- NZPA