N.Z. Petroleum Share Boom
New Zealand Petroleum Exploration Company, Ltd, Wellington, which in the first half of last year traded only six times, has almost overnight become the most frequently traded share in New Zealand. Sales have occurred in each of the four main stock exchange centres daily since Tuesday and during the week the share’s price has jumped 70c to 250 c. The price has climbed 150 c or 150 per cent, on the year’s opening price of 101 c Buyers at 15c in February of last year who sold at this week’s closing price of 250 c would have increased their original investment outlay 16 2-3 times, or 1667 per cent. • United States buying pressure is believed to have resulted in an arbitrage market existing between New Zealand and the United States. This has meant that because of the difference in prices of the shares bought in New Zealand can be sold at a profit in the United States. Apparently the company can see no reason why there should be United States buying. No drilling is being carried out at the moment.
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Press, Volume CVIII, Issue 31588, 27 January 1968, Page 16
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184N.Z. Petroleum Share Boom Press, Volume CVIII, Issue 31588, 27 January 1968, Page 16
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