THE MARKET Brierley loses 50c

Press, 10 January 1986, Page 9

THE MARKET Brierley loses 50c

Profit-takers took advantage of the substantially higher prices offered on the New Zealand sharemarket yesterday, bringing the rally of the last few sessions to a halt.

Brierley was shown in the national sales list as losing 50c to 880, although sales of the issue late on Wednesday would put the issue’s loss at about 25c. Brierley traded between 875 and 910 c. Other high-flyers, notably Chase and Equiticorp, also lost ground, but Apex Group continued to find favour, gaining another 10c. The Barclays industrial index lost 14.79 points to 1945.66, although rises outdistanced falls 63 to 55.

Mr David Dott, the operating partner for Chamberlain, Sturge and Company, the Christchurch broker, said trading in the first week of the new year was different to anything he had

experienced before, with the volume of business being so

It was not just because there were now two calls a day compared with the traditional single call that had been used in the first week of the new year in the past, he said. More and more people were coming into the market.

“We have a lot more clients now than 12 months ago and they are still coming in this year,” he said. Second-liners continued to find favour among investors. New Zealand Salmon leapt another 50c to its high of the day of 680, after trading as low as 630. Corporate Investments rose a further 20c, having gained the same amount on Wednesday, and Wilson and Horton improved 25c to 750. However, Omnicorp lost 8c to 130, perhaps in reaction to a statement from Young Nick Holdings that said it had acceptances for 70 per cent of

Endeavour Services’ capital.

Property issues was one sector that dominated trading, particularly on the Christchurch Invercargill Stock Exchange where Mainstay Properties was in demand from northern brokers. The issue’s ordinary shares rose 10c to 80 on turnover of more than 100,000 shares, and its options firmed 5c to 22 on a volume of about 150,000. The options are due to convert to ordinary shares from February 1. Robt Jones Investments, another property issue, was also actively traded, gaining 20c to 310, after trading between 280 and 315 c. There were rumours on the market of an involvement in the issue by German banks. Its options gained 50c to 235. Renouf Properties firmed 3c and Landmark 15c, but Smart Group fell 15c. The Oil Fields contributing shares recovered 5c to 17, and Southern Petroleum’s contributing shares firmed in busy trading 1c to 7c, ahead of the call being paid on the shares from today. Goliath was steady at 10c.