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| Fonterra investors share $100m in first-day gains |
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Investors in Fonterra Shareholders Fund split paper gains of
more than $100m as the shares soared on their first day of trading, spurred by
a rush for exposure to the world's top dairy exporter.
Shares in the fund, which tracks the performance of Zealand-based
dairy giant Fonterra, closed up 25% at NZ$6.85 on their first day of trading,
raising the market value of the fund to some NZ$650m ($530m).
The performance implied a value for Fonterra as a whole of
some NZ$10bn, ($8.2bn), about NZ$2bn more than at the price the shares were
offered at to a mixture of New Zealand and foreign investors.
And at the fund shares showed even bigger gains earlier in the
day, hitting NZ$6.95
CEO reaction
Theo Spierings, the Fonterra chief executive, remained
cautious over the shares' future performance.
"The spike was higher than what I expected
really," he said.
"Let's see where we land and let's see where we are in
two to three weeks."
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