Steady market tone

Press, 2 June 1984, Page 26

Steady market tone

Falls still outnumbered rises more than two to one on a moderately active New Zealand sharemarket yesterday, although the trend was steadier than on Thursday. The NZUC industrial index firmed 3.87 points to 1314.79, in contrast to Thursday’s loss of 33.73 points when the Government had moved to tighten liquidity and overseas sharemarkets were also falling. A flurry of profit reports saw changes among some issues yesterday. New Zealand Steel gained 15c to 285 c after announcing bonus plans, in spite of a lower profit. Farmers’ Trading Company improved 7c to 160 c on its record profit and bonus proposals, but Cable Price Downer was steady in spite of a higher profit and dividend, and bonus plans. AIC Finance had its first price change since being listed on Thursday, the 50c shares which carry a 50c premium, losing 3c to 112 c. Viko Holdings, the Auck-land-based film processor and business machine distributor, which was listed on Wednesday, was steady at 200 c. Other second-line issues to stand out included Walker and Hall, up 130 c to 600 c on the receipt of a bid for 40 per cent of the company, and Cooks Wine, which gained 8c to 80c on the strength of the merger proposals with McWilliams’s Industries. The market leaders to fall included Brierley, Feltex, and NZI Corporation, but ANZ Banking Group, NZ Forest Products, and Winstone were steady. Fisher and Paykel firmed ahead of its profit report, and Fletcher Challenge was up 3c.