THE MARKET Falls outnumber rises 10 to 3

Press, 30 May 1985, Page 21

THE MARKET Falls outnumber rises 10 to 3

The proportion of falls to rises, at 10 to three, worsened Yesterday, although there were fewer price changes. Barclay’s index of industrial shares fell almost 20 points to 1529.04, on sharply lower volume of 3,050,000 shares worth $4.9 million. Brokers said the market had been driven down on lack of buying orders. Nothing had happened to drastically change the market, thev said, but people were looking at statements on the economic outlook rather than the continuing good results for last year. “It is amazing how quickly people focus on negative news. Nothing has changed drastically in the economy to affect the market but sentiment has changed from positive to negative,” one Wellington broker said. "Although the market was much weaker, it seemed, to steady a bit at the close of

Lading, said Mr Tim Preston market operator with Hamilton Hindin Greene. Christchurch sharebroker. "The market may be heading for a downtrend," he said. If good results like Landmark and Wilson Horton make their shares lose ground, what is going to hold it up?” More optimistic was an Auckland sharebroker who thought that the market was likely to steady in the next day or two. A few leaders went against the trend. Fletcher Challenge was ahead 1c at 396, NZ Forest Products closed 2c up at 302. after fluctuating between 296 and 308 during the day, Goodman Group lost 5c to 355, Fisher and Paykel 3c to 353. and NZI Corporation 1c to 169. The Auckland-based supermarket operator. Progressive Enterprises, had the biggest drop among the leaders, down 10c to 380, while ANZ eased 8c to 280, Brierley shed 5c to 428.

Cable Price Downer 5c to 345, and UEB at 158 and Wattie at 365, the same amount. Among other stocks, the newspaper publisher, Wilson and Horton, having announced record earnings and a cash issue on Monday, dived 30c to 560 on a small volume. Down 15c were Arthur Barnett at 285, NZ Equities at 430, SFM at 145 and Smiths City Maret at 435, while Masport lost 14c to 133 after reporting an annual profit well below that forecast in last year's prospectus for its public share issue. The investment company Apex, which has declared its bid to buy all CFM's shareholding unconditional, fell 10c to 250. Others down the same amount included Auckland Gas at 310. Investment Finance at 250, Mair at 370, Mt Cook at 420, and Ra Ora Stud at 275. Equiticorp gained 1c to 206, but its associate. Chase lost 5c to 390.