THE MARKET Flat but busy

Press, 16 August 1985, Page 8

THE MARKET Flat but busy

Tbe New Zealand sharemarket was fiat and lackIcstre yesterday, although a little bit more active. Turnover was more than 5 million shares with $9.8 minion, but Barclays' index of industrial shares slipped 2.86 points to 1758.09. Investors appear to be holding back ahead of next Tuesday’s Budget, and one broker suspected that tbe stronger New Zealand dollar may have affected the market, as people took their New Zealand dollars offshore to make on foreign exchange rates. New Zealand interest in the Australian sharemarket reflected firmer share prices among the leaders there. The market continues to slow in pre-Budget trading as various rumours circulate about tbe paper's contents. Some market leaders continue to move higher, Brierley up 4c to 586 c, Equicorp up 5c to 255 c, NZI up 2c to 172 c, but these prices were not obtainable at tbe close with sellers very evi-

dent. Situation stocks remained firm, DIC up 10c to 165 c, Rainbow 10c to 200 c. and Pacer up 30c to 600 c. Tbe New Zealand dollar remains edgy, and will stav this wav until tbe Budget.’ said Mr Tony Norbert-Munns, operating partner for Egden Wignail and Co, Christchurch sharebrokers. Mr Paul Nieolson, market operator for the Auckland sharebroking firm Buttle Wilson and Co, said that the market yesterday was quiet and flat, as it had been all week There was a quite noticeable drop-off in private clients' and institutional orders, and he expected this to remain so until tbe Budget. Mr Nicholson said.

One said a likely institutional seller was responsible for rhe 324,306 shares in BIL selling at 562 and the buyer was probably Australian.

Wilson and Horton eased 1c to 741 after Wellington sharebrokers, O’CoMor, Grieve and Co, announced their withdrawal from tbe market for the stock, having sold their client’s total holding at prices ranging from 741 to 760.