THE MARKET Quieter, easier

Press, 14 February 1986, Page 10

THE MARKET Quieter, easier

The New Zealand sharemarket eased further yesterday, but rises and falls were almost in balance, and it was substantial falls by market leaders — such as the 20c drop to 720 c by Brierley Investments — that pushed the Barclays index of industrials down below the 2000-mark to 1997.38 for a loss of 18.16 points. Turnover was 7.5 million shares worth $10.9 million — an average of 148 c a share. “A much quieter day and quite a contrast to the hectic trading earlier in the week,” said Mr David Dott, of the Christchurch sharebroking firm Chamberlain Sturge and Company. “The market drifted down all day and was quite weak at the close — a trend that looks like being continued in the next few days,” he said.

The sales volume seemed modest com-

pared with recent trading, but was well above the longer-term average. It was boosted by huge crossings in three issues: one million plus in both New Zealand Steel and Waikato Stud, and 600,000 shares in Fletcher Challenge. Fletchers rose 2c to 372 c — one of the very few rises among leaders — and NZ Steel also gained 2c, to 72c, but Waikato Stud lost the same amount, to 40c. Other leaders to put on weight were Winstone, 1c up to 160 c and Capital Markets, which recovered 3c to close at 265 c. L.D. Nathan stood out among second-liners with a gain of 10c to 300, and CPD rose 5c to 350 c. Mount Cook jumped 25c to 335 c, and Command 20c to 280 c. Among high-fliers Equiticorp fell 15c . to 370 c, as did Apex to 385, while Chase Corporation gave up 10c to 590 c.

Carter Holt lost 5c to 320, NZI and Goodman 3c each to 165 and 405, and NZ Forest Products shed 1c to 160 c. Other losers were Progressive Enterprises and Dominion Breweries, each 5c to 350 and 330, Fisher and Paykei 3c to 292 and Crown 2c to 160 c. O’Connor Grieve moved into the market with 20 and 30c increases for specified preference shares of six companies. They bought 1356 Feltex, which closed up 45 at 380, 4741 CPD (up 60 to 480), 3482 Fletcher (up 60 to 730), 3400 L.D. Nathan (up 80 to 600), 2197 Wattle (up 30 to 450), and 7537 Rothman (up 45 to 320). The broker did not say who it was acting for. A special sale of 142,000 Wilson Neill shares crossed at 278 c; on the open market the shares changed hands between 280 c and 315 c — closing 35c up at 315 on low volume.