Market index hits new high
The NZUC industrial index easily surpassed its previous high of 1028.27 on a busy New Zealand sharemarket yesterday, after news of NZ Forest Products’ bid for Odlins, and Fletcher Challenge’s sale of its holding in New Zealand Steel. The index gained 23.10 points to close at 1039.97. Odlins rose 26c to 138 c on the largest parcel traded, although smaller parcels sold higher, and NZ Forest firmed 3c to 488 c. New Zealand Steel was one of the few market leaders to drop, losing 5c to 315 c, after reporting a fall in earnings. Because of Fletcher selling its holding, New Zealand Steel shares accounted for 36.5 per cent of the total turnover. Fletcher rose 9c to 248 c. Moyes and Groves, the Auckland engineering company, made its market debut at 128 c. Tourist Corporation of Fiji gained a further 80c to 430 c, but Forest Investments lost 30c to 140 c.
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Press, 4 November 1983, Page 8
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157Market index hits new high Press, 4 November 1983, Page 8
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