NZ shares rise, led by NZ Refining

New Zealand shares rose, led by NZ Refining after the nation's only oil refinery won support from shareholders to upgrade its Marsden Point plan.

Skellerup Holdings and Hallenstein Glasson paced the advance.

The NZX 50 Index rose 10.83 points, or 0.3 per cent, to 3,531.65.

Within the index, 24 stocks rose, 12 fell and 14 were unchanged.

Turnover was $101.9 million.

NZ Refining gained 3.6 per cent to $2.85.

The company's shareholders on Friday approved the board's plans to spend $365 million on an upgrade that was opposed by two of its major oil company owners, Mobil and Chevron, owner of the Caltex brand.

Skellerup Holdings, which manufactures milking equipment and rubber goods, rose 2.7 per cent to $1.50.

PGG Wrightson, the nation's biggest rural services company, gained 2.6 per cent to 39 cents.

Scott Technology climbed 1.9 per cent to $1.65 after announcing plans to team up with ASX-listed XRF Scientific to develop automated systems for Australia's booming mining sector.

Heritage Gold fell 8.3 per cent to 2.2 cents.

The company has been fined $15,000 and required to pay NZX legal costs of $6,158 after the exchange operator identified two breaches of its Listing Rules relating to independent directors and composition of the board audit and remuneration committee.

The company is in the process of raising up to $1.9 million in a share purchase scheme as part of a plan to hive off its Talisman Gold mine project as a new entity, and to relist the remainder of Heritage assets under a new vehicle.

OceanaGold rose 1.8 per cent to $2.90. The operator of the Macraes gold field near Dunedin posted a first-quarter loss after it pulled less gold out of the ground and had to contend with a tough foreign exchange environment.

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