First Pacific Co

Shares in First Pacific Co jumped 5 per cent yesterday after the conglomerate killed share placement rumours that knocked almost 7 per cent off its share price the day before.

The shares closed the day at $11.35, up 55 cents.

Group vice-president Derek Murphy said he had received no word from the stock exchange after he requested it look into what he described as trading irregularities in the past 10 days. 'But I would not have expected it so soon,' he said.

He said First Pacific would pursue the matter. 'We want to ensure people will not put out rumours that are entirely false and try to profit from trading irregularities,' he said.