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MARKET CLOSE: NZ stocks rise; AIA bullish on new China link
ET CLOSE: NZ stocks rise; AIA bullish on new China link
by Jason Krupp
Jan 12. (BusinessDesk) - New Zealand stocks rose for a third session, with PGG Wrightson Ltd. pacing gainers on the exchange, with the NZX 50 Index rising 4.82 points, or 0.14%, to 3334.58. Within the index 13 stocks rose, 17 fell and 20 were unchanged. Turnover was $82.9 million.
PGG Wrightson, the rural services company facing a takeover offer from Agria and New Hope Group of China, rose 3.8%to 55 cents. The bidders are looking to increase their holdings to 50.01% with an offer of 60 cents a share.
Auckland International Airport Ltd. rose 1.4% to $2.24 after China Southern Airlines said it will bypass Melbourne in favour of a direct thrice-weekly route to New Zealand's busiest gateway.
Government support won over China's biggest carrier, in a deal that's set to add an annual $75 million to the local economy, and strengthen ties with the world's most populous country.
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