Peregrine Investment Holdings

Financial services group Peregrine Investment Holdings saw its shares surge yesterday after it arranged a $1.04 billion placement for Shanghai Petrochemical.

Peregrine shares rose 80 cents or 7.27 per cent to $11.80 as investors saw the move boosting the finance group's bottom-line.

An analyst who follows Peregrine said: 'The stock normally trades in a narrow range, but it does move up when the company does some sort of deal.' Peregrine shares reached a 52-week high on January 23, just after it helped Citic Pacific raise more than $6.4 billion by selling new shares and investments.