Chinese bid sends PGG Wrightson shares soaring in subdued pre holiday market

Photo / Richard Robinson

PGG Wrightson's shares rose 16.67 per cent on Friday after Chinese companies gave notice of a bid for control of the rural services firm that Pyne Gould will sell its holding into.

Otherwise the sharemarket was little changed during a quiet session.

The NZX-50 index closed down 4.546 points, or 0.136 per cent, at 3329.212.

Selected leaders were a drag on the index with Fletcher Building down 8c at $7.75, and Telecom down 2c at $2.22.

PGG Wrightson shares rose 8c to 56c, which is below the 60c Agria says it will pay to move to a 50.01 per cent holding from its current 19.01 per cent.

Pyne Gould shares rose 2c to 39c after it said it would sell its 18.3 per cent stake in PGG Wrightson.

Air NZ stayed at $1.50 as it showed off its new 777-300ER aircraft.

OceanaGold fell 12c to $4.80.

In the midst of the key retail season The Warehouse fell 5c to $3.54, Hallenstein Glasson fell 1c to $4.08 and Michael Hill was unchanged at 87c.

Hellaby rose 7c to $2.10, Fisher & Paykel Appliances rose 2c to 56c and NZOG rose 1c to 84c. Nuplex fell 4c to $3.49. Xero rose 2c to $2.70.

In the US, the Dow Jones rose 14 points to 11,573.49, the S&P fell 0.16 per cent to 1256.77, and the Nasdaq fell 0.22 per cent to 2665.6.

- NZPA