THE MARKET Slight profit-taking

Press, 9 August 1985, Page 8

THE MARKET Slight profit-taking

The New Zealand sharemarket slipped from its latest and highest peak yesterday, on high turnover boosted by the stand for Crown and the special sale of Hellabys. “We have seen some light profit-taking,” said Mr Murray Doyle, market operator for Francis Allison Symes and Co., Wellington sharebroker. "Offshore interest has fallen away a bit in the last few days which has caused some selling,” he said. However, the correction is likely to be shallow as well as short-lived, and we will see further rallies among the market leaders, Mr Doyle said. Leaders mostly eased, but

fluctuations were small in either direction. Down were Fletcher Challenge 5c to 343, ANZ Banking Group 4c to 290, Brierley 4c to 566, NZI 3c to 173, Feltex 3c to 282, and Carter Holt 2c to 235. Some 1.7 million Crown shares were traded, and the unnamed bidder may now have about a quarter of his 20 per cent target. Prices ranged between 200 and 202, closing 1c down at 201. Trading in Cable Price Downer, in which a 15 per cent stake is sought by a mystery buyer, was again much less brisk than Crown. CPD was unchanged at close at 412. Heading leaders’ gains for

the second day running was Goodman up 5c to 390. Wattie firmed 2c to 470, while edging up 1c each were Fisher and Paykel at 313 and NZ Forest Products at 263.

Elsewhere, the bid for an unspecified stake in Wilson and Horton was making little headway. Although down 30c at 745 yesterday, it was still well ahead of the 725 price being offered by an unnamed client of the Wellington broker, O’Connor Grieve.

Smith City Market’s upward trend continued with a 25c gain to 660, Investment Finance picked up 10c to 240, and Chase rose 12c to 342.