THE MARKET Late check to Brierley?

Press, 9 January 1986, Page 18

THE MARKET Late check to Brierley?

The Barclays industrial index rose a further 16.52 points to set an all-time record of 1960.45 on the New Zealand Stock Exchange yesterday, although prices did not indicate such a strong trend. Brierley’s closed at its high of 930 c for a 30c gain, after trading as low as 900, but the Press Association reported that the issue came down to 905 at the close under profit-taking, but was not used as the last sale price. The closing quotations on the Christchurch Invercargill Stock Exchange had Brierley’s at 915 sell, but no buyers. Mr Derek Howarth, the market operator for Lawrence, Millton and Howarth, said yesterday that another hectic day’s trading saw prices ease at the close. Brierley’s was again the centre of attention rising rapidly in early trading to close at 930 c before profittaking in the afternoon saw the price fall to between 905 c and 910 c ahead of next week’s bonus issue. Property issues were again in demand. Robt Jones rose 30c to 290 and Renouf Properties 5c to 157 c. A shortage of good scrip, coupled with an influx of new funds, again fuelled an

already buoyant market, he said. Other indications of a weaker trend included a 7c drop by NZ Forest Products to 340, L. D. Nathan down 5c to 270, Progressive Enterprises 1c to 347, and Wattle 5c to 330. Leading issues to firm included Apex up 15c to 390, Fletcher 2c to 342, and NZI Corporation 1c to 187. Carter Holt and ANZ Banking Group both improved for the first time in the new year, coupled with further gains by Equiticorp and Chase, both the subject of buy recommendations over the holiday period. Farmers’ Trading Company stood out on a 10c gain to 155 on the news that it intended to apply for a trading bank licence. Jedi and John Webster, both the subject of take-over offers, eased, and another company facing a bid, Otago Press and Produce, rose 9c ex dividend. On the mining and oil market, Oil Fields contributing shares dropped below the price of its options, matching the trend of Southern Petroleum’s units. Goliath’s shine on the market grew dimmer yesterday as it dropped 5c to 10, after jumping to 22 earlier in the week.