THE MARKET Bull run checked, but index still over 2000

Press, 13 February 1986, Page 26

THE MARKET Bull run checked, but index still over 2000

The bull run of the last two sessions was checked in busy trading on the New Zealand sharemarket yesterday as company bid activity eased. On Tuesday, the Barclays industrial index rose 26.03 points, closing at 2020.79. Yesterday, it fell 5.24 points, and closed at 2015.55. The market trend appeared to be steady, however. Rises beat falls, 63 to 60. Turnover was still a high five million shares, but down from Tuesday’s 22M shares, when the Chase bid for 20 per cent of FTC was in full swing. Mr Derek Howarth, the market operator for Lawrence Millton Howarth, the Christchurch broker, said he expected the market to drift until another merger or partial bid. Issues to show out yesterday on demand included New Zealand Marine Farms and Apex Group, he said. Mr Craig Robins, the market operator for Jarden and Company, Wellington, said the prices had come slightly off the top yesterday after Tuesday’s big rally.

But the market had still shown a good volume, and issues such as Fletcher Challenge and NZI Corporation were still in demand, he said.

FTC slipped back 20c to 155 after the completion of the partial bid by Chase, but it was still ahead of Friday’s 140 c close. Chase, however, stood out on a 23c loss to 600. Other leading investment groups were also easier, Equiticorp falling 5c to 385 and Brierley trading at 740 for a loss of 10c. But Apex Group escaped the net, gaining 10c to 400, equalling its high

for the year so far. Dominion Breweries, the subject of a partial offer from Brierley Investments, slumped 15c to 335, but Motor Holdings was widely traded between 200 and 220 c, closing at the higb for a 20c gain. There was speculation that Motor Holdings would be involved in a listing for Caxton. Waitaki firmed 1c after issuing its annual report on Tuesday and announcing it was seeking approval for

bonus shares to be paid in lieu of dividends. A number of issues were actively traded. Thoroughbred Holdings stood out on a turnover of 259,800 shares at 84c, down 1c on the day, and 291,200 Kaurex units were sold at a steady 40c each. Omnicorp and Renouf Properties were also busy. Among second-line issues New Zealand Equities slipped 10c to 270 c after reporting a drop in half-yearly earnings, and

Brother also lost 10c to 250, its first price change for the new year. On the mining and oil boards, Goliath was again actively traded, the issue firming 1c to 12c ahead of today’s directors’ meeting. Kupe’s options and Southern Petroleum options were prominent on a large turnover. But prices in the sector were weaker, and the Barclays mining index lost more than six points.