Higher rates take toll
The higher interest rates offered continued to have an effect on the New Zealand sharemarket yesterday, as the Barclays industrial index dropped a further 11.33 points. The index has lost 82.84 points in the last five trading sessions; it closed yesterday at 1260.96. Fletcher Challenge eased sc, Alex Harvey and Cable Price Downer 10c each, and EMCO Group 15c. NZ Forest Products was unchanged at 315 c. Issues to firm included Command, NZI Corporation, and Rothmans. Waikato Stud made its listing debut, the ordinary 25c shares (issued at a 25c premium) selling in a range of 50c to 60c, and closing at 52c. The options sold between 11c and 16c, the top price also being the closing mark. Two other new listings, Radio Pacific and United Transport, were easier. Smiths City Market fell 10c ahead of its profit announcement.
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Press, 26 July 1984, Page 27
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143Higher rates take toll Press, 26 July 1984, Page 27
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