THE MARKET Prices through the roof
Frenzied buying took the New Zealand sharemarket through the roof yesterday, with Barclays’ index of industrial shares taking its biggestever jump of 40.28 points to 1860.30, on a volume of 8.2 million shares worth $12.6 million.
Once again Brierley Investments provided the stimulus as the index leader broke effortlessly through 800 c to close at 825 c — up 35c — in rather modest trading. This jump was equalled by Chase, which also rose 35c to close at 570 c.
“An exciting day for the New Zealand sharemarket with blue-chip stocks shooting up,” said Mr Derek Howarth, of the Christchurch sharebroking firm Lawrence Millton and Howarth. “Brierleys, Chase, and Carter Holt Harvey were the three big gainers, but the market remained firm all day, and the strong undertone holds promise for the immediate future.”
The market continued to express strong preference for investment shares, but bluechip merchandisers were well to the point. Carter Holt Harvey shot up 33c to 278 c, and other leaders to gain were Goodman up 7c to 362, while
Fisher and Paykel at 255, Feltex at 250, Lion at 410, NZ Forest Products at 222, Equiticorp at 380 and Dominion Breweries at 285 all gained sc. Others to firm included Fletcher Challenge, up 4c tQ 330 on big volume, Crown up 3c to 170, McConnell Dowell, up 2c to 122, Progressive Enterprises, up 1c to 323, and UEB, up 1c to 139. Winstone fell 20c to 155, but brokers believed the sale of 1.3 naillion at 175 was transacted on Wednesday. Waitaki NZR fell 8c to 170, and NZI Corp 1c to 184. A strong investment-pro-perty bias was again seen in the secondliners. Among these to gain 10c were Grosvenor at 210, Aurora at 240, Qtron at 340 and Unity specified preference shares at 220 (100,000 selling at this price). Manthel motors gained 15c to 335.
Support persisted for Dunedin-based Apex, R W Hellaby, and Alliance, which all attracted big volume. But NZ Salmon ended its good run by shedding 30c to 500.
Second-liners to lose 10c were Colonial Motors at 310, Allflex at 250, and Batley at
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Press, 13 December 1985, Page 10
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356THE MARKET Prices through the roof Press, 13 December 1985, Page 10
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