Sharemarket firmer in quiet trading

Press, 27 September 1982, Page 26

Sharemarket firmer in quiet trading

By

ADRIAN BROKKING,

commercial editor

The New Zealand sharemarket recovered a little from the sharp decline of the previous week, but trading remained quiet and turnovers low. The falls of the previous week Were because of gloomy comments by Mr Muldoon and some captains of industry. However, the few company 223 I

profits reported last week were quite good. The mediocre results from Dalgety and Ravensdown were only to be expected given the conditions in the rural sector.

Arnold and Wright, and Andrews and Beaven are doing very well, and the result from Printing and Packaging Corporation was very good indeed. It is time that PPC’s profit was boosted by an extraordinary profit and the dividend from Williamson Jeffrey, but after due allowance for, these the trading profit appears to have risen some 50 per cent.Brierley Investments now owns around 40 per cent of PPC and has reason to be well pleased. Late on Friday, Deanes Industries, Ltd, reported that it is having discussions with another party, and issued a

“don't sell” warning to shareholders.

“It is intended that the business would continue on a similar basis and therefore the interest of all staff would be protected,” the brief statement added.

The biggest shareholdings, totalling around 32 per cent, in the company are by the Deane, Perry, and Mander family interests. These have also interests in R.W. Saunders, Ltd, • which seems the most likely “other party." However, Mr L. H. Govan is also a director of Lichfield (N.Z.) Ltd, and Mr P. G. Mander a director of Hallenstein Bros.

Deanes’ profit fell 48 per cent to $510,417 but the big loss maker, Fabiola Fashions, has since been sold, and Deane’s chairman. Mr T. I. Perry, told the annual meeting in July that sales were on target and the foward order book healthy.