Field Day For Stags
Comalco shares were listed on Australian and New Zealand stock exchanges yesterday. Stags had a field day, as the shares immediately attracted an unexpectedly high premium.
In New Zealand 1350 shares were sold. Prices opened at 550 c, on northern exchanges, but this price could not be maintained, and later in the day the first sale in Christchurch was at 530 c. The shares sold at -525 c at the close in Christchurch and Wellington. On the Dunedin stock exchange only one parcel changed hands, at 500 c.
The turnover in contributings was much higher. After opening at 370 c, prices wandered as the market attempted to establish their value. The lowest price of the day was 330 c (Wellington), the highest 380 c (Christchurch and Auckland). The same pattern was observed on the Sydney stock exchange. After opening at 600 c, the shares fell steadily during the day, to sell for 540 c at the close. The contributings opened at 400 c and closed at 385 c.
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Press, Volume CX, Issue 32321, 12 June 1970, Page 16
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172Field Day For Stags Press, Volume CX, Issue 32321, 12 June 1970, Page 16
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