Weak trend continues
Share prices fell sharply on the New Zealand Stock Exchange yesterday, continuing the weak trend of the last five trading sessions. Both the industrials and the mining sector were hard hit. Oil issues, in particular, came under selling pressure in response to the news that two further big oil floats were in the pipeline. Cue Energy lost 24c to 68c after trading between 68c and 88c, and NZ Oil and Gas fell 30c to 100 c. Both were among the five active issues traded. The N.Z.U.C. industrial index fell a further 9.32 points to close at 913.66, putting its losses for the week at 24.74 points. Fletcher lost Bc, NZ Forest Products 15c, and Brierley Investments Bc. Skellerup and National Insurance were among the few market leaders to firm. Montana Wines was steady on its profit announcement, but Holeproof fell 20c after reporting a poor result.
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Press, 27 August 1983, Page 23
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149Weak trend continues Press, 27 August 1983, Page 23
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