THE MARKET Quieter and steadier

Press, 26 December 1985, Page 14

THE MARKET Quieter and steadier

There were more gainers than losers on the New Zealand sharemarket yesterday, but market leaders predominated among the falls, and Barclay’s index of industrial shares eased 3.05 points to 1904.84 as the Stock Exchange closed at noon for the Christmas break.

Brokers expressed relief that trading was a little quieter. Turnover reported nationwide was a little more than one million shares.

Mr Derek Howarth, market operator with the Christchurch sharebroking firm Lawrence Millton and Howarth, said that the market closed for the Christmas holiday on a steady note — marginally easier, with a little profit-taking from previous gains. Carter Holt and A.N.Z. stood out with large gains, elsewhere the rises and falls were limited.

“We expect the market to remain strong in the early part of the new year, because of speculation on further take-overs and mergers. If these come to fruition, then the market should respond upwards; shortage of scrip wilt underpin the market, as traditionally has been the case in January,” Mr Howarth said. A.N.Z. topped the rises among the lenders, with a

15c gain to 315 c. Equiticorp was next, as the snare recorded Bc, to 408 c, from its setback last week when it announced take-over bids for Yates, A. M. Bisley, and Jedi Corporation. More than two million Jedi shares changed hands yesterday at 45c.

Among the falls leaders to catch the eye were Fisher and Paykel, down 5c to 290, Apex also down 5c to 380 c; Brierley Investments and Cable Price Downer lost 2c each to 818 and 290 c, while second-line stocks to ease were East Coast Gas down. 20c to 165 c, Allflex down 10c to 270 c and Anzon down 7c to 145 c. Losses of 5c were chalked up by Barclays at 210, Yates at 155, Huttons at 285, and Rainbow at 300.

These falls were offset by some good gains among second-liners: Owens rose 10c to 235 c, and Cardrona at 95, Cavalier Elco at 155, Fortuna at 115, Leisureland at 155, and Wilson and Horton at 680 put on 5c each. Otago Press and Produce rose 14c to 634 c — the offer price from Fraser Smith Holdings, Ltd. The mining-and-oil index reversed its recent trend and lost 3.99 points to 179.20. Trading will resume for a full day on Monday, December 30, and the morning session only on December 31.