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MARKET CLOSE: NZ shares gain, led by Wrightson

MARKET CLOSE: NZ shares gain; Wrightson gains after rights close, OGC up

Dec. 15 (BusinessWire) – New Zealand shares rose, led by PGG Wrightson, after a satisfactory uptake in the rural services company’s rights issue, raising funds to repay debt. The NZX 50 Index snapped two days of declines as news that Abu Dhabi would pump US$10 billion into Dubai World to help it avoid default lifted stock markets.

The NZX 50 rose 18.32, or 0.6%, to 3117.11, only the second gain in eight sessions. Within the index, 21 stocks rose, 13 fell and 16 were unchanged. Turnover was a lower-than-average $60 million.

Wrightson led the index higher for a second day, climbing 4.8% to 66 cents. Trading in the company’s rights, which will raise $181 million toward the total $250 million capital raising, ended yesterday.

“The rights traded very well right throughout the issue – there will not be many not taken up,” said Grant Williamson, a director at Hamilton Hindin Greene. “Now that the rights have finished trading there’s a good likelihood of further improvement” in the ordinary shares.

OceanaGold Corp. soared 15% to $2.30 after the gold miner updated reserves at its Macraes and Reefton mines by 617,000 ounces of gold. That’s the second time in as many months it has lifted the reserves estimate.

Shares rose on Wall Street and in Europe after Abu Dhabi provided a US$10 billion lifeline for neighbouring Dubai, allowing state-owned Dubai World to repay a US$4.1 billion Islamic bond from its Nakheel property development unit that was due on Monday. Australia’s S&P/ASX 200 Index climbed 0.4% to 4673.60 in late trading today.

“Overall, world markets were pretty pleased with what happened in Dubai,” Williamson said. “It removes another worry from the world scene.”

Fisher & Paykel Healthcare rose 2.8% to $3.33 and AMP NZ Office Trust gained 2.6% to 78 cents. NZX Ltd., the bourse operator, gained 2.3% to $8.80.

Allied Farmers shed 5% to 19 cents, with the finance group trading back at its record low in the run-up to tomorrow’s vote by Hanover Finance investors on whether to accept Allied stock in lieu of their secured investments.

New Zealand Oil & Gas rose 1.8% to $1.66, clawing back some of yesterday’s 5.2% slide when it announced its 40% owned Albacore-1 well had no commercial oil.

Sky Network Television rose 2.1% to $4.95 as the kiwi dollar strengthened, trimming the value of its U.S. dollar costs such as programming and equipment.

Skellerup Holdings fell 2% to 49 cents, leading the index lower. F&P Appliances fell 1.7% to 57 cents.

(BusinessWire)

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