Take-overs ‘only life’
Take-over speculation provided the only glimmer of life on the Australian sharemarket yesterday as resource issues retreated in the face of weakening gold
E rices, further rises in key>. United States interest rates, and a near-total lack of overseas support. Banking issues continued to hold, the spotlight as
traders jostled for position in an expected shake-up of the sector if talks between the C.B.A. and A.N.Z. lead to a merger. The C.B.A. eased 5c to 445 c on a national turnover of only 60,000 shares as traders waited for news on the progress of the talks, and the A.N.Z. was steady at 460 c despite reporting a 34 per cent increase in profit to a record ?88.0M for the halfyear to March 31. The C.8.C., considered susceptible to take-over if the C.8.A.-A.N.Z. deal comes off, continued to top the banking turnover lists, about 240,000 shares going through nation-
ally — but the stock closed at a steady 445 c. The National was the only banking stock to make sigcant progress with a 15c rise to 355 c but the Wales, due to report for the half year on Friday, was down 5c at 325 c. The Bank of N.S.W. finance subsidiary, Australian Guarantee Corp, was among the stronger issues with a 9c rise to 206 c amid talk that its parent could move to increase its holding. The all-ordinaries index slipped 5.7 points to 705.3 under the burden of an 18.3 point fall in the oil index to 874.9
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19810506.2.146.3
Bibliographic details
Press, 6 May 1981, Page 28
Word Count
251Take-overs ‘only life’ Press, 6 May 1981, Page 28
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.