Index above 1400
The news that financial institutions were to be free from compulsorily holding Government stock had little impact on the New Zealand sharemarket yesterday. However, some brokers considered that the move might have longer-term benefits for the sharemarket. Of more immediate concern is the interest rates on the money market, which some analysts consider to have peaked contributing to the steady sharemarket trend in recent sessions.
The Barclays industrial
index was ahead 7.28 points, closing above the 1400 point barrier at 1404.49, but this was not necessarily reflected in the price changes where rises just shaded falls 50 to 46. Among the three top companies, Fletcher Challenge was steady at 318 c, but NZ Forest Products and NZI Corporation were both easier. Of interest in the market yesterday was a big sale of 106,000 Christchurch Press shares at 380 c, for a gain of 10c. Sellers quickly stepped in at the Christchurch Invercargill Stock Exchange
offering 410 c compared with the buy quote of 370 c. Pyne, Gould and Guiness, the Canterbury stock and station firm, recently took up a holding of 46 per cent in the Christchurch newspaper publisher, with permission from the Examiner of Commercial Practices to go up to 100 per cent.
New Zealand Equities, formerly Farrier-Waimak but now an investment group, continued to climb, gaining 20c to a new high of 480 c. Commercial Securities was unchanged at 65c on a small turnover*
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Bibliographic details
Press, 8 February 1985, Page 8
Word Count
239Index above 1400 Press, 8 February 1985, Page 8
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