News upsets market
News of liquidity problems for Winstone and the possible outbreak of foot-and-mouth disease in South Canterbury caused a shakeout on a moderately active New Zealand sharemarket yesterday. After a surfeit of good investing news recently, these two adverse events caused the N.Z.U.C. index to plunge 14.22 points to 573.06, one of the largest losses in a single day. Winstone fell from 82c to sell as low as 50c; its largest parcel selling for 62c, a loss of 20c. Waitaki N.Z.R. and Allied Farmers’ Co-operative lost 10c each. Market sources said that the market appeared to be steadying late in the day, indicating that buyers had stepped in to take advantage of the lower prices.
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Press, 13 February 1981, Page 8
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117News upsets market Press, 13 February 1981, Page 8
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