Market closes firmer
An optimistic “Quarterly Predictions” and the forecast of a lower inflation rate helped t€ reverse the recent easier trend on the New Zealand Stock Exchange yesterday. The NZUC industrial index recovered 10.77 points to close at 1152.09, for a net loss on the week of 16.30 points. Among the market leaders, Feltex New Zealand rose 10c, NZ Forest Products 10c, Dalgety Crown sc, and Wattle 3c. Issues to ease included Farmers’ Trading Company, Goodman, Odlins, and Winstone.
Companies subject to bids stood out in the price changes. Wilson Neill was actively traded after receiving an offer from Teltherm, trading steadily at 162 c on the largest parcel. However, another parcel sold for 165 c a share, and a special sale of shares traded at 171 c each. Reid Farmers rose a further 30c to 430 c in reaction to Dalgety Crown seeking 24.9 per cent of its capital, and Suckling Industries was up 15c to 340 c because of the take-over bid from Brierley Investments. Among the second-line issues, Rex Consolidated and Robt Jones Investments fell sharply. The mining and oil sector was firmer. NZ Oil and Gas recovered 7c to 62c and NZ Goldfields continue to firm, gaining 10c to 85c. However, NZ Petroleum and United Resources stood out among the falls. The NZUC mining index rose 2.64 points to close at 99.16.
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Press, 10 December 1983, Page 27
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227Market closes firmer Press, 10 December 1983, Page 27
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