Good market rally

Press, 8 March 1982, Page 24

Good market rally

The New Zealand sharemarket closed .firmer last week. After drifting down on Monday and Tuesday, the market began to recover, and by Friday had more than made up these losses. The NZU index, at 716, stood on Friday at its highest level for two weeks, but still well below its high point for the year — 729 reached three weeks ago. In view of the tax payments which are now due, and the considerable quantity

of money being mopped up by inflation-adjusted bonds, the market is holding its own very well. There were about two rises for every fall over the whole of last week, with textiles and newspapers standing out among the rises, and rural sector shares among the falls. Retailers were also in demand. Holeproof rose 15c on its good profit announcement, and other' textiles rose in

sympathy, with LWR putting up the best performance — a gain of 12c to 157 c. Christchurch Press shares rose a further 20c during the week, and N.Z. News gained a further 15c on top of the on-market bid by Brierleys two weeks ago. Attention focused on retailers during the week after the Government Life Office made an on-market bid for DIC specified preference shares: FTC gained 7c to 157 c.