Sharechat Logo

Sharemarket flat as PGG Wrightson gains 12%

Friday 24th December 2010

Text too small?

Shares in rural services company PGG Wrightson rose 12.5% in early trading after a partial takeover bid for the company was announced.

Agria, which now has 19.01% of PGG Wrightson, has launched a bid at 60c a share with New Hope Group, another Chinese agricultural company, to take its stake in PGG Wrightson to 50.01%.

Shortly after the New Zealand sharemarket opened today, PGG Wrightson (NZX: PGW ) shares were up 6c to 54, having ranged between 67 and 43 in the past year.

The broader market was flat early, with the benchmark NZX-50 index up 0.47 points to 3334.23 around 10.15am, having gained 11.4 points yesterday.

Key stock Telecom (NZX: TEL ) fell 3c to 221, with Mainfreight (NZX: MFT ) also down 3c, to 789, OceanaGold (NZX: OGC ) fell 8c to 484, and Sky TV (NZX: SKT ) was down 2c to 528. NZ Refining Co (NZX: NZR ) lifted 4c to 441, Vector (NZX: VCT ) gained 5c to 235, while Air New Zealand (NZX: AIR ) gained 2c to 152.

Stocks in the US ended mixed after reports showed small improvements in consumer spending and the job market.

Preliminary figures put the Dow Jones industrial average up 0.1% to 11,573, the S&P 500 index fell 0.2% to 1256, and the Nasdaq composite index fell 0.2% to 2665.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO