Nothing to do with fundamentals at all
From a NBR article
"New Zealand shares rose, led by retirement developer and operator Metlifecare and milk processor Synlait after MSCI announced the stocks be added to its Global Small Cap Indices at the close of Nov. 26, increasing demand for the stock by professional investors who track the global benchmark."
And I assumed that someone had finally paid attention to my posts from six months ago!
Best Wishes
Paper Tiger
Shining example of why MET,RUM & SUM need to be selling lots of new units
Metlifecare half year results are out and in themselves are terribly underwhelming.
There is a 1.25c unimputed dividend.
But as they make little profit on the day to day stuff ($1.3M) and 'settling' only 19 new units, the bulk of the profit is from a 1.4% increase in the value of the $1.8 Billion of retirement properties.
Still it is all about the future and they are still aiming for their 200+ units a year by 2015. This is not a great target given their size but we hold in the hope that they will aim for bigger things in the longer term.
Best Wishes
Paper Tiger
Disc: Hold MET (& RYM & SUM).