Merger sparks rally
The reaction to the proposed Challenge-Fletcher-Tasman merger was swift on a moderately active but firm New Zealand sharemarket yesterday, as Umber issues were keenly sought. The merger plan pushed the N.Z.U.C. index up 11.96 points to 487.97, one of its best gains in a single day. Challenge firmed 10c to 340 c, although it traded as high as 350 c, Fletcher gained 25c to 430 c, selling as high as 450 c, and Tasman rose 55c to 425 c, its highest level. Canterbury Timber Products, Carter Holt, N.Z. Forest Products, and Odlins were also firmer.
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Press, 23 October 1980, Page 18
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98Merger sparks rally Press, 23 October 1980, Page 18
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