After its unbundling from food and packaging group AVI, South African glass packaging manufacturer Consol had a good first day on the JSE Securities Exchange on 28 February 2005, according to traders….
After its unbundling from food and packaging group AVI, South African glass packaging manufacturer Consol had a good first day on the JSE Securities Exchange on 28 February 2005, according to traders. Consol shares closed their first session at ZAR 11.60, after opening at ZAR 12.00 and reaching a high of ZAR 12.45 in early trading. AVI shares closed at ZAR 15.25 after opening at ZAR 14.50 and posting a low of ZAR 13.50. “It“s a good result, a good listing,” said one dealer, adding that AVI had been expected to trade around ZAR 15 , and Consol around ZAR 11. JSE Chief Executive Russell Loubser was encouraged by the listing as a positive sign for the market. “South Africa, with its deep pools of capital, is an attractive listings destination for established businesses like Consol as well as entrepreneurs. Consol“s listing augurs well for our investor community…” he said in a statement.