THE MARKET Leaders a bit easier in quiet trading

Press, 15 May 1985, Page 41

THE MARKET Leaders a bit easier in quiet trading

The New Zealand sharemarket was a bit easier again yesterday in what seemed quieter trading, although the turnover was quite high — 5,750,001 shares changing hands, worth ?10,213,473. Barclays’ index of industrial shares fell 3.45 points to 1564.29 at the close.

“Go-go” shares made the best gains — Jarden Corp reacted to profit report and

dividend announcement by putting on no less than 185 c to a round 510.00; Leyland similarly responded to profit announcement and restructuring plans with a gain of 35c to 280 c. Market leaders were again prominent among the falls; Cable Price Downer, down 10c to 360, Bendon, down 8c to 280, NZ Forest Products, down 8c to 330, Crown down 5c to 163, Brierley Investments, down 5c to 455, Farmers Trading Company, down 3c to 160, Fisher and Paykel also down 3c to 362, Carter Holt down 2c to 316, and ANZ Banking down 1c to 297. A few firmed:— UEB, up 4c to 184, NZI Corp, up 2c to 167, Progressive enterprises, up 2c to 416, and Winstone up 1c to 178. Two newspaper proprietors, Wilson and Horton and Independent News, each gained 10c, to 570 and 340 respectively. Others to gain were

United Transport Holdings, up 20c to 190 on big volume, while Sanford and Mount Cook gained 10c each to 170 and 430.

A special sale of 1,114,000 in Steel and Tube sold at 295 c a share — up 25c from its on-market level.

Taylors Drycleaning gained 20c to 480 in anticipation of a good profit announcement. “The market was a bit mixed and seemed quieter, but the tone was a little weaker over all,” said Mr David Dott, of Chamberlain Sturge and Co., Christchurch sharebroker.

“Brierley Investments lost a few cents but found support at the lower level. NZ Forest Products was also easier, but Omnicorp rights were very firm. “Although there was a weaker feel aabout the market, I do not think at present that share prices will fall much,” Mr Dott said.