March 13 (Bloomberg) -- Australia's S&P/ASX 200 Index advanced. Patrick Corp. and Toll Holdings Ltd. soared after Toll's Chief Executive Officer Paul Little signaled he will increase his A$4.3 billion ($3.1 billion) bid for Patrick after overcoming regulatory opposition.

Coles Myer Ltd. gained after it sold its Myer department stores for a higher-than-expected A$1.4 billion ($1 billion).

The S&P/ASX 200 Index advanced 33.3, or 0.7 percent, to 4921.4 as of 10:55 a.m. in Sydney. About five shares gained for every three that fell.

New Zealand's NZX 50 Index rose 0.5 percent to 3505.87 as of 12:55 p.m. in Wellington.

Patrick, Australia's biggest port cargo handler, surged 88 cents, or 13 percent, to A$7.86. Toll, the nation's biggest road and rail freighter, soared A$1.59, or 12 percent, to A$14.54.

Australia's antitrust regulator on March 11 cleared the cash and stock offer after Toll agreed to new conditions. Melbourne- based Toll said Sunday it would issue a revised offer within two weeks. Investors such as Atul Lele say a 30 percent increase on the current A$6.12 a share offer may be enough to secure support for Toll.

``Patrick shares are going to be up near A$8 because that is what the market was looking for before it was blocked,'' said Lele, who holds Patrick and Toll among the $250 million he helps manage at White Funds Management Ltd. in Sydney. ``When it got shot down by the regulator everyone was disappointed, but upwards of A$8 is what is needed.''

Coles

Coles, Australia's biggest retailer, gained 36 cents, or 3.6 percent, to A$10.33. The Melbourne-based company agreed to sell its 61 Myer stores to a group led by buyout firm Newbridge Capital LLC, which will also buy the flagship Myer Melbourne store. Analysts had expected the chain and Melbourne property to fetch about A$1 billion.

The S&P/ASX 200 Index's futures contract for March rose 0.8 percent to 4923. The broader All Ordinaries Index added 0.7 percent to 4882.4.

The following shares also rose or fell. The stock symbols are in brackets after the company names.

Australian stocks:

Mining shares: Copper rose 0.7 percent on the Comex division of the New York Mercantile Exchange. On the London Metal Exchange copper added 0.3 percent. A measure of six metals traded on the LME climbed 0.6 percent.

BHP Billiton (BHP AU), the world's biggest mining company, rose 48 cents, or 2.1 percent, to A$23.85. Rio Tinto Group (RIO AU), the third-biggest, added A$1.55, or 2.3 percent, to A$69.05.

Alinta Ltd. (ALN AU) gained 6 cents, or 0.6 percent, to A$10.38 after Australian Gas Light Co. (AGL AU), the nation's biggest energy utility, offered to buy Alinta for A$2.72 billion in shares, turning the tables on its smaller rival's own takeover bid. Australian Gas fell 4 cents, or 0.2 percent, to A$18.43.

Alumina Ltd. (AWC AU), a partner with Alcoa Inc. in a venture with a quarter of the world's alumina production capacity, added 16 cents, or 2.4 percent, to A$6.74. ABN Amro raised the stock to ``buy'' from ``hold.''

BlueScope Steel Ltd. (BSL AU), Australia's biggest steelmaker, added 5 cents, or 0.7 percent, to A$7. U.S. steelmakers rose after Nucor Corp., the second-largest, raised its first-quarter profit forecast as non-residential construction demand increases.

Harvey Norman Ltd. (HVN AU), the nation's biggest furniture and electronics retailer, gained 10 cents, or 2.8 percent, to A$3.66. JPMorgan & Chase Co. raised its rating to ``neutral'' from ``underweight,'' and Goldman Sachs JBWere Ltd. lifted it to ``market perform.'' The shares on March 10 had their biggest gain in 12 years after first-half profit rose 18 percent, beating analysts' estimates.

Macquarie Bank Ltd. (MBL AU), Australia's biggest investment bank, climbed 63 cents, or 1 percent, to A$62.51. The company may make a takeover offer for BAA Group Plc, owner of seven of Britain's biggest airports, the Sunday Times said, without saying where it got the information.

Paladin Resources Ltd. (PDN AU), a uranium miner, jumped 20 cents, or 5.5 percent, to A$3.86. China agreed to safeguards sought by Australia's government to allow uranium exports, the Australian Financial Review reported, citing officials in Beijing that it didn't identify.

Ventracor Ltd. (VCR AU), a heart implant maker, slumped 10 cents, or 10 percent, to 87 cents. The company sold A$22.6 million in shares at 78 cents compared with the last closing price of 97 cents.

To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net

Last Updated: March 12, 2006 18:56 EST