Sharp Market Reaction To Higher U.E.B. Bid
A sharp market reaction yesterday to the higher take-over offer by United Empire Box pushed up the price of Ross and Glendining shares to 13s 9d in Auckland, but the market there settled back to close at 13s 4d —Is 4d above Friday.
On the Christchurch, Wellington, and Dunedin exchanges R. and G. shares closed at 13s 6d. Sales of United Empire Box on all exchanges were made at an unchanged 10s lOd.
Over all the market continued to tumble, after the slight check in momentum on Friday. Turn-over was light over a narrow range as investors pondered the implications for New’ Zealand of the British seamen’s strike.
Falls outnumbered rises two to one. Breweries eased, but New Zealand gained Id to 13s Bd. Insurances continued to recover. Factors lost ground on last week’s news of no ratification for the Holeproof New Zealand deal.
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Press, Volume CV, Issue 31061, 17 May 1966, Page 21
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151Sharp Market Reaction To Higher U.E.B. Bid Press, Volume CV, Issue 31061, 17 May 1966, Page 21
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