Tower Shares Ease After Bain Capital Exit -- Market Talk

Dow Jones2025-04-01

2311 GMT [Dow Jones]--General insurer Tower leads the New Zealand share market lower after trading restarts following the exit of Bain Capital from its register. Tower falls 7.7% to NZ$1.37 after Bain said it had completed the NZ$88.8 million sale of its roughly 19.9% stake to investors at a fixed price of NZ$1.30/share. Tower has been one of the best performers among NZ equities over the past year and a bit. Tower's share price was below NZ$0.62 at the beginning of February 2024, before a series of earnings upgrades led investors to buy more of the stock. Last month, Tower shares hit their highest level in nearly a decade. (david.winning@wsj.com)

(END) Dow Jones Newswires

March 31, 2025 19:15 ET (23:15 GMT)

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