THE MARKET NZI Corp active

Press, 31 January 1986, Page 10

THE MARKET NZI Corp active

Buying interest in NZI Corporation, believed to be from overseas, was a feature of a firmer, active New Zealand sharemarket yesterday. Prices began to firm in the afternoon call on Wednesday, and continued yesterday as the Barclays industrial index recovered 15.34 points to close at 1882.72, reversing the recent weak trend. Rises outnumbered falls 65 to 38 on a turnover of more than six million shares.

Mr David Dott, of Chamberlain Sturge and Company, the Christchurch sharebroker, said issues that had been sold down in recent days came back yesterday, and it was noticeable that trading was busier on the

Christchurch Invercargill Stock Exchange. Selected issues were in demand. Robt Jones Investments continued to be sought after, and Ra Ora Stud recovered after Wednesday’s big drop, he said.

NZI Corporation finned 1c to 165 on a turnover of 1,339,800 at that price, adding to the 4c gain it made on Wednesday. The large turnover was taken as an Indication of overseas interest.

The bid for Goodman by Fielder Gillespie, of Australia, was also considered to have created more interest from overseas investors, and a further partial bid for five million Carter Holt shares was also expected to help prices.

Stags made money on Arabi Properties, a company which joined the boards yesterday. The shares, of 50c each and carrying a premium of 10c, sold at 65c but turnover was a minimal 5800. Robt Jones Investments continued its recent firm trend, gaining a further 10c to 285 c. Kupe Petroluem’s contributing shares firmed 2c to 62c ahead of the news of a reverse take-over with Grosvenor Properties. Grosvenor was untraded. Kaurex, which was listed last September, traded unchanged at 40c after reporting a trading loss. McConnell Dowell was also steady at 115 c on the news that an issue of 14.5 M shares had been approved