THE MARKET Index over 1900 again
The New Zealand sharemarket began the week on a firm note yesterday, with rises outnumbering falls three to two. Leaders were prominent among the rises and were instrumental in pushing the Barclays index of industrial shares up 12.12 points back through the 1900-mark to 1908.79.
Turnover was light at 3.8 million shares, worth $4.3 million, with brokers saying the market was dominated by private clients buying selected stocks.
Goodman Group, which now looks set to merge with Australian companies Fielder Gillespie
Davis and Allied Mills, highlighted the leaders* movements on the sharemarket yesterday.
Goodman had risen at the end of last week, on positive signs for the merger, and yesterday added 20c to sell at 400 after Fielder Gillespie Davis — the merger vehicle — firmed on the Australian sharemarket. Most other leaders also gained yesterday. Equiticorp put on 18c to 350, and also up were Feltex, 8c to 288, FTC, 7c to 152, Brierley, 7c to 702, Wattie, 5c to 325, Fletcher Challenge, 4c to 326, L. D. Nathan 3c to 270, and NZFP 2c to 232, but prominent among the
falls were Apex, 5c to 330, NZI, 3c to 167, Progressive Enterprises, 4c to 338, and Chase 2c to 568.
Elsewhere, NZ Salmon took a huge leap, even by its recently volatile standards — rising 160 c to 820 after some buy recommendations over the week-end. The other listed salmon farmer, NZ Marine Farms, shed 8c to 152 after reporting a loss - and forecasting another for the present year.
National Insurance, with City Realties declaring its merger offer unconditional yesterday, rose 15c to 365, and City Realties firmed 3c to 61.
Another rise of 15c was posted by the company Grosvenor, after last week’s announcement of a reverse take-over of Kupe, which rose 2c to 62c and helped push the mining-and-oil index up 1.30 points to 168.30.
Mainstay Properties, which has agreed to take over Exchange House, which owns Stage 111 of Shades Shopping Precinct, put on 7c to 72c.
Corporate news, however, did not help another property company. Landmark eased 7c to 80, after Investment Finance Corp gained approval to take 100 per cent
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Press, 4 February 1986, Page 27
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360THE MARKET Index over 1900 again Press, 4 February 1986, Page 27
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