Prices slump again

Press, 26 May 1984, Page 25

Prices slump again

Share prices continued their downward slide on a moderately active New Zealand sharemarket yesterday, following the trend of overseas stock exchanges and the impact of higher short-term interest rates. The NZUC industrial index fell a further 17.14 points to close at 1320.10 for the week, putting its losses for the last three trading sessions at 53.80, or 4 per cent. Falls outnumbered rises more than four to one. Market leaders were again hard hit, including NZ Forest Products, down 13c, ANZ Banking Group and New Zealand South British, 10c each, Winstone Bc, Brierley, sc, and Fletcher Challenge, 3c. Carter Holt eased 5c to 380 c in spite of announcing a higher profit and bonus issue. Odlins was one of the few leaders among the rises, gaining 3c to 145 c, and Alex Harvey, Cable Price Downer, and Feltex were unchanged. Aurora lost 5c to 435 c after announcing a drop in income and plans of a rights and bonus issue, and NZ Property Trust was also down ahead of its result. Associated British Cables gained 50c to 300 c after splitting its shares and going ex bonus. Foveaux Radio, the sel-dom-traded Invercargill private radio station owner, gained 5c to 70c, and Teltherm rose 10c. Charter Corporation lost 15c and Fleur Bc, ahead of a report that Charter had taken up a big holding in the flower exporter.