Sharemarket back through 700-mark
By
ADRIAN BROKKING,
The New Zealand sharemarket continued its year-end boom last week, in active trading. The N.Z.U. index broke through the N.Z.U. index 700-mark on Friday, a gain of another 2.5 per cent for the week. The maket has now two and a half days left to surpass its .previous high which if achieved would be a fitting climax to an eventful year. Last week almost 11 million shares changed hands, for a daily average of $2,191,421. Take-over activity provided the spur, with Yates Corporation making a full take-over ■ bid for Allied Farmers’ Co-operative, Ltd, and H. W. Smith, Ltd, making a partial offer for Winstone, Ltd.
commercial editor
However, rises outnumbered falls more than five to .two, and market leaders featured prominently among the rises. Notable were A.N.Z., 28c to 425 c; Brierley, 25c to 490 c; Rothmans, 10c to 167 c; L.W.R. 8c to 123 c; Mair, 10c .to 285 c; Alex Harvery, 12c, to 312 c; C.P.D., 15c to 315 c; F.T.C. 12c, to 160 c; C.F.M., 14c to 295 c ex bonus and dividend; Fisher and Paykel, 12c to 370 c; Endeavour, 15c to 240 c. Naturally, Allied Farmers made the best gain as it. approached the Yates offer price, and the shares put on 85c to 440 c. Yates shares fell 30c to 390 c, which reduces the value of the offer from 500 c when it was made to 470 c. The Allied Farmers directors met on Saturday, and
decided that the Yates offer was unacceptable, and will recommend its rejection. Lichtenstein shares rose 45c to 335 e; the company has a 20 per cent holding in Allied Farmers, and stands to gain as a result." The Winstone directors also rejected the bid for their shares as inadequate. ..As some Winstone shares .were changing hands' as high as 98c it looked as if they might move out of Smiths’ reach. However, on friday the largest parcel ‘ was crossed at 95c, and Smiths may reach its goal although, perhaps not as quickly as first thought. Newspaper shares ’were again in demand last week; Christchurch Press gained 20c to 420 c, I.N.L. 10c to 220 c, and Wilson and Horton 20c to 435 c. _
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Press, 21 December 1981, Page 20
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373Sharemarket back through 700-mark Press, 21 December 1981, Page 20
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