THE MARKET Busy and firm again

Press, 6 February 1986, Page 10

THE MARKET Busy and firm again

The New Zealand sharemarket was fairly steady over all yesterday, but strong buying in some bluechip stocks pushed Barclays' index of industrial shares up for the fifth successive day. Reinvestment, into a thin market, of cash from Brierley’s $2l million Dominion Breweries bld helped raise share prices, brokers said. But they said the market’s strength tapered off towards the close. The Barclays index rose 23.86 points to 1949.26 on turnover of 7.0 million shares, worth $14.9 million, an average of more than 200 c a share.

Brierley, which also gained High Court approval to buy more than 50 per cent of N.Z. News, headed the leaders’ rises yesterday. It closed 20c higher at 725 after trading in a range between 700 and 729. Some 400,300 shares crossed at the lowest price. Other leaders to gain in-

eluded Chase 15c to 585 on fairly high volume, Apex 10c to 345, Fletcher Challenge 6c to 338, Goodman 5c to 410, L. D. Nathan 5c to 275, McConnell Dowell 5c to 115, NZFP 5c to 240, Wattle 5c to 330 and Equiticorp 3c to 345. Capital markets, which listed on Tuesday straight into the top 20 companies on market capitalisation, was pegged back, on predictable profit-taking yesterday. Its ords sank 35c to 265, while options and contribs both finished down 45c. Carter Holt Harvey eased 5c back to the 320 price offered by the unnamed client of brokers Morrow and Benjamin. But unlike the previous CHH bid by the same buyer, the latest onmarket stand for 5 million shares is making slow progress. Only about 58,000 ords sold at the offer price. Other leaders to slip were ANZ 3c to 222, Crown 3c to 165, NZI 3c to 165, Progres-

sive Enterprises, 2c- to 333, and Fisher and Paykel 2c to 290 Elsewhere, BNZ Finance rose 30c to 255 in the wake of Tuesday’s announcement of a one-for-five bonus issue, and NZ News firmed 25c to 670 on small volume after the court ruling. Another major newspaper publisher, INL, picked up 20c to 445, also on unspectacular volume.

Other rises included EuroNational 20c to 440, Asea Tolley 15c to 240, Command Services, 15c to 250, and National Insurance 10c to 370. The volatile mining stock, NZ Goldfields, rose 40c to 550.

NZ Salmon, which-placed 800,000 shares with institutions at 590 and 725 a share, fell 40c to 770. Also down were Cromwell, 20c to 390, and Robt Jones 10c to 260.