Australia shares gain 0.5 pct; Lynas, Fonterra fund rise

Thu Nov 29, 2012 11:22pm GMT

(Updates with opening prices)

MELBOURNE Nov 30 (Reuters) - Australian shares rose 0.5 on Friday to a fresh three-week high, helped by firmer base metals prices and a higher finish on Wall Street.

Shares in Lynas Corp climbed 6 percent after the company said it has started operations at its controversial Malaysian rare earths plant.

The benchmark S&P/ASX 200 index gained 22.2 points to 4,499.9 at 2314 GMT. The benchmark rose 0.7 percent on Thursday.

New Zealand's benchmark NZX 50 index rose 0.2 percent to 4,026.5.

The investment fund of New Zealand's Fonterra, the world's largest dairy exporter, traded at nearly a 22 percent premium in its market debut.

The units in the new fund opened at NZ$6.66 from the issue price of NZ$5.50, having raised NZ$525 million ($430 million) for the farmer-owned co-operative to bolster its balance sheet and fund expansion plans.

It last traded at NZ$6.70. (Reporting by Victoria Thieberger; Editing by Richard Pullin)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.