MARKET CLOSE Fonterra Fund produces historic stag - up 26 percent on day one

Fri, 30 Nov 2012

By Paul McBeth Nov. 30 (BusinessDesk) - The historic listing of Fonterra units on the NZX caused mammoth volumes by New Zealand market standards and the biggest listing day stag that investors have seen for years. The non-voting units, which launched at midday today, surged as high as $6.95, a 26 percent stag before closing at $6.85 from an offer price of $5.50. The fund's turnover was $179.8 million as investors scrambled to get a slice of dairy exporter Fonterra Cooperative Group's dividend stream. Turnover in the NZX50 was lower, but subs...

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