Fletcher Challenge has tried to dampen strong market rumours of an imminent Energy division sale.
Chief executive Michael Andrews told the Stock Exchange the company knew of no reason for the steep share price rise in the past two days.
"While we are well on track to completing the dismantling of the group's targeted share structure, we have nothing imminent," he said.
Energy's share price rocketed 55c to 801c at one stage, with initial rumours that Royal Dutch Shell was going to offer $10.05 a share comprised of 120c for Fletcher Energy's investment in Capstone Turbine, a 35c special dividend, and 850c for each Fletcher Energy share.
But Fletcher moved to hose down the rumour, and the price began to ease. It closed up 22c at 768c. On Thursday, when the latest rumour got traction, the price rose 31c.
Fletcher spokesman Clive Litt said the company was working "through a process" and had set a December date for completion.
The oil and gas explorer's shares surged by up to 54c in early trade before easing to be ahead 44c at 790c late yesterday morning - a gain of more than 10 per cent since Wednesday's close.
"It's the old story, that Shell is going to have a crack at it. That's what the market is saying. We haven't got anything to confirm it though," said Wayne Schuler, of Cavill White.
People were reinvesting money they received after the takeover of Fletcher Paper by Norske Skog.
- NZPA
Energy sale rumour sends share soaring
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