THE MARKET Brierley jump helps index

Press, 1 February 1986, Page 22

THE MARKET Brierley jump helps index

The New Zealand sharemarket closed on a steady note yesterday, in spite of a 13.95 point jump in the Barclays industrial index. The number of price changes was low, with rises only Just beating ■ falls, 45 to 42. However, turnover was higher than trading earlier in the week, 6.4 million shares changing hands, as renewed buying among corporations helped some prices firm. Carter Holt dropped 5c to 320 c, the price being ' offered for the ordinary shares by a mystery buyer who is seeking 5 j million units In the company. Goodman continued to firm how that the three-way merger be-

tween itself, Fielder Gillespie, and Allied Mills looks likely to succeed.

However, the reverse take-over by Grosvenor Properties for Kupe Petroleum had an unsettling effect on the oil-cum-investment Issue. Kupe, which has a majority Interest in Grosvenor, lost ground as its contributing shares dropped 2c to 60c in quiet trading. Its options were active, 457,000 trading at the closing price of 25c for a 3c loss. Interest centred on the three special sales of National Insurance, with speculation that ; there was a “spoiler” move on to prevent McConnell Dowell becoming the largest shareholder. A

total of 872,660 National Insurance shares went through at three prices, 375 c, 385 c, and 400 c, compared with the company’s on-market sales at a steady 350 c. Brierley rose 15c to close at its high for the day of 695 c, which partly accounted for the large jump in the index. Equiticorp gained 4c to 332 c and Chase was unchanged at 570 c. NZI Corporation was again actively traded, more than 500,000 shares changing hands, and the issue closing 5c up at 170 c. Arab! Properties, the issue that joined the boards on Thursday, was unchanged at 65c on a small turnover of 7000 shares. The 50c shares

carried a premium of 10c each. Landmark Properties stood out on a 10c gain to 87c, but Robt Jones Investments finished at its low for the day of 280 c, for a 5c loss.

Business continued to pick up in Goliath as investors speculated on the future of the company now that it has stopped gold mining. Turnover in the West Coast company was 190,000 shares, and the issue rose 1c to 10c. Industrials were generally firmer, including the ANZ Banking Group, Farmers’ Trading Company, and Fletcher Challenge, Crown was knocked back Ic, and Newmans, NX Forest

Products, and Wattle were also easier. Lion Corporation rose 4c to 445 c and Dominion Breweries was steady.

Smiths City Market was down 2c ex dividend to 110 c, and its merger partner, Irvin and Stern, also lost ground. Kingsgate was quiet yesterday after being heavily traded earlier in the week. New Zealand Salmon jumped 20c after going ex dividend and ex rights on Thursday, but New Zealand Marine Farms came off Bc. Kaurex was again steady at 40c, having reported a trading loss on Wednesday.