CBA Finance, Marac fall
CBA Finance and Marac Holdings shares were hit by the news of changes in top management of both companies, on the New Zealand Stock Exchange yesterday. CBA Finance fell 30c to 460 after reporting that it had frozen all rights exercisable by its managing director. The issue was widely traded, although in quiet trading. Marac lost 5c to 300 on the news that three of its top executives were resigning and possibly joining Mr Hawkins in the formation of a new finance company. Market leaders tended to be easier; the NZUC industrial index losing 6.95 points to 1360.52. NZ Forest Products gained a further 5c on its plans of a share split, and others to firm included ANZ Banking Group, Carter Holt, and Rothmans. However, Feltex, Fletcher Challenge, and Winstone were easier. City Realties improved 25c to 120 after reporting a higher profit, plus plans of a rights issue and a bonus. DRG (New Zealand) was steady on its result as was Rheem New Zealand on its bonus proposals.
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Press, 29 February 1984, Page 31
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173CBA Finance, Marac fall Press, 29 February 1984, Page 31
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