THE MARKET Firm trend brittle

Press, 24 January 1986, Page 12

THE MARKET Firm trend brittle

Share prices firmed in moderately active trading in the afternoon call on the New Zealand Stock Exchange yesterday, but the trend appeared brittle. The Barclays industrial index was ahead 1.48 points to 1868.84, and rises outnumbered falls 60 to 48 on a turnover of 5.6 million shares.

Brierley closed 3c up at 690 c, after trading between 685 c and 700 c, but Equiticorp stood out on an 18c loss to 392 c, per-, haps in reaction to the news of a rights issue by Equiticorp Tasman. Chase was steady at 580 c. Mr Max Mathias, of the Christchurch sharebroking firm, Lawrence, Millton, Howarth, said that the market leaders were flat in trading that was thin and easier. There were signs that the market was nervous about the outcome of in-

terest rates when today’s tender was announced, and there was also little reaction to the partial bids for Independent, Newspapers and Motor: Holdings, he said. Mr Alfons Des Tombe, the partner in Des Tombe, Gifford and Com-, pany, Wellington, said that the two partial blds were “just the medicine that the market loves.”

The market appeared to be holding up, although this was not based on fundamentals. There appeared to be no signs that it was about to go through a sustained weak period, he said. The market leaders were mixed. Dominion Breweries was prominent on a 8c gain, and Carter Holt, Crown, and NZI Corporation were also ahead. Fletcher Challenge eased Ic, with Goodman and Wattle both unchanged. There did not appear to be a strong reaction to the two partial bids. More than BW.HO Motor Holdings

shares sold at the offer price of 190 c, but Independent Newspapers closed 10c above its offer price 410 c for a 30c gain on the day. Unity. Group jumped 15c to 290 c as' news came that it was seeking representation on>' Allflex’s board. Allflex, which was untraded, rejected this. Second-liners to stand out, were Arthur Barnett up 20c on a small turnover, and Baker Corporation down by the same amount Dingwall and Paulger, the subject of a take-over bid, firmed 2c to 317 c. Irvin and Stern eased a further 2c and the company which is taking it over, Smiths City Market, was in demand as 193,200 shares sold at a steady 115 c. Thoroughbred bloodstock issues were mixed after the successful Trentham yearling sales. Blandford and Australasian Breeding Stables fell 2c each, but Allegra Park, Ra Ora, and Waikato Stud were al! steady. Standardbred issues were in demand, though, as National Bloodstock and the new listing, Redvale, rose 15c each.