APN News & Media has confirmed it is still reviewing its New Zealand print assets after speculation of a buyer being found fuelled a surge in its share price.

"APN confirms that the strategic review is ongoing, however it has nothing to announce at this stage," the company said in a statement on Wednesday.

APN shares rose by 25 per cent on Tuesday, gaining 8.5 cents to 43 cents, fuelling speculation a deal relating to the company's New Zealand assets was close to being announced.

TToday, they closed down 1.5 cents, or 3.49 per cent, at 41.5 cents