Clover Industries: Stock fluctuates on negotiation news

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Clover Industries shares initially leapt to an all-time high in brisk trade yesterday but ended the day lower after the biggest local dairy processor said it had entered talks that could affect its stock price, without giving more details. The shares climbed as much as 2.2 percent to R20.20, beating its highest close since it listed in December 2010. However, it closed 1.32 percent down at R19.51 as about 1 million shares traded, almost triple the three-month daily average. Clover has gained 8.8 percent this year, the best performer on the 10-company food producers and processors index, and is valued at R3.61 billion. Earnings a share rose as much as 90 percent in the six months to December last year, after milk prices increased and marketing costs were cut, Clover said last month. – Bloomberg

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