THE MARKET Share prices firm

Press, 2 August 1985, Page 13

THE MARKET Share prices firm

The New Zealand sharemarket closed on a firm note yesterday, with rises outnumbering falls almost two to one. The Barclays industrial index recovered 6.45 points to close at 1731.07, and the wider based Reserve Bank index was ahead 40 points to 6321. The strong New Zealand dollar was affecting the sharemarket, said Mr Alfons Des Tombe, of the Wellington

broker, Chamberlain Sturge and Company. The strong dollar gave overseas investors confidence that they would eventually be able to repatriate their funds at a favourable rate. It also helped their general confidence in New Zealand, Mr Des Tombe said. Some large parcels of shares changed hands yesterday, and while he could not be sure of the buyers, it was likely that they were from overseas, Mr Des Tombe said. Mr Des Tombe suggested that the leading shares were outpacing other issues more than usual at present was additional evidence of the overseas interest. Among the market leaders, Fletcher Challenge gained 4c to 350 c after trading between 340 c and 352 c. Equiticorp

jumped 13c to its high of the day of 368 c, 10c ahead of its low, as investors sought the issue ahead of its trans-Tas-man venture. A special sale of 200,000 Cable Price Downer shares were sold 8c above the ruling market price of 402 c. Newly listed, Anzon Investments was again keenly sought, its price closing 13c up at 145 c. Baker Corporation, which announced it was to start trading in the South Island through a joint venture company, dropped 25c and Stereo FM lost 15c. National Bloodstock gained 8c to 145 c after Wednesday’s annual report, but Fleur Corporation dropped 5c to 42c after reporting a SI.BM loss. New Zealand Goldfields rose 1c to 106 c on a turnover of more than 200,000 shares, with buying believed to have come from Britain.