THE MARKET Index at new peak

Press, 6 December 1985, Page 20

THE MARKET Index at new peak

Barclays’ index of New Zealand industrial shares was boosted to an all-time high yesterday by another spectacular rise by Brierley Investments shares, supported by Chase Corporation. The index closed at 4.31 points higher than the previous peak reached on August 7. BIL jumped 45c to 755, but not before 255,800 shares sold at 740; Chase rose 25c to 500.

Cries of “buy Brierley, ( buy Chase” made for a “noisy” stock exchange floor, but the market was otherwise quiet, one broker said.

He said both BIL and Chase were being rerated upwards, and there was still upward potential for Chase. At the end of the day, there were still buyers for BIL. But one broker said that BIL had gone up too

quickly, and was probably due for some downward correction, although not to below 700. Most of the demand for BIL came from Auckland private investors. Turnover was 6.6 million shares, valued at $9.0 million. ,The next best gain was Equiticorp, up 10c to 315, and other leaders to gain were Waitaki NZR up 5c to 195, NZ Forest Products, up 3c to 218, McConnell Dowell, up 3 to 118, Apex up 3c to 348, and Fletcher Challenge up 2c to 313. Rises of 1c were chalked up by Farmers Trading Company at 135, Dominion Breweries at 298 and Progressive Enterprises at 316. NZI Corp’s share price continued to weaken, this time by 5c to 168. Also falling were Fisher and Paykel down 5c to 250,

Goodman down 2c to 358, Carter Holt Harvey, down 2c to 233, and UEB down 2c to 138.

Blandford Lodge attracted high turnover, 433,500 shares selling at 70. One broker said buying interest may have been on the strength of Blandford’s pur-, chase of the top sire, Imposing.

The second-line property investor, Baker Corp, rose 25c to 285.

NZ Salmon continued to strengthen, up 20c to 450, while Euro-National gained 10c to 340.

Another Auckland-based property company and market newcomer, Mace, fell 40c to 270. Other second-liners to fall were the rarely-traded Manthel Motors, down 15c to 320, and NZ Steel down 13c to 145 on big volume.