THE MARKET Sellers in command

Press, 20 September 1985, Page 19

THE MARKET Sellers in command

Market leaders were weaker across the boards and substantial movements by secondtimers were also down as the New Zealand sharemarket closed sharply lower yesterday with Barclay’s index of industrial shares down 16.92 points to 1633.24. Turnover was 3.7 million shares worth $4.8 million. “The downward trend continued throughout the day but some buying support was evident at the close,” said Mr Tony Norbert-Munns, operating partner for Egden Nighall and Co., Christchurch sharebroking firm. The main downward action was in the leaders, but the property sector attracted some renewed buying attention. The

market will be easier today, but not with the same selling pressures, with the possibility of a stabilising effect earlier next week, Mr Norbert-Munns said. Mr Hector McPherson, of J. S. Satterthwaite and Co., Timaru sharebroker, said that although some of the secondliners were getting a biding, there was still demand for situation stocks, and firm support for top leaders such as Fletchers, Brierleys and N.Z.I. at the right level. Falls outnumbered rises by three to one. Fletcher Challenge, falling 8c to 297, continued its downtrend, since moving up on its profit announcement to 317 on Friday.

Also shedding 8c were Cable Price Downer to 312, and Progressive Enterprises to 347; Brierley lost 7c to 566 and down 5c each were Watties to 425 and ANZ to 285. Among other leaders, NZ Forest Products fell 3c to 235, and NZI 2c to 166. Against the trend went Feltex, up 2c to 265. Elsewhere, NZ Equities was pegged back 25c to 525 after jumping 100 c on Tuesday, and CCL fell 20c to 220. Others down included Betacorp 15c to 200, Cromwell 10c to 370. Renouf 12c to 158, and Ra Ora Stud 10c to 275 after reporting a loss on Wednesday. Smith City Market, after Wednesday’s five-for-one share split, sold at exactly the same ratio at 115 from 575.