Market loses steam

Press, 11 January 1986, Page 19

Market loses steam

The cream came off property and investment shares on the New Zealand Stock Exchange yesterday, after big gains by some issues in these two sectors earlier in the week.

The Barclays industrial index fell 11.76 points to 1933.90 but in this instance it was not Brierley that led the decline, as it had on Wednesday with its 50c drop. Brierley only lost 4c to 876, but two other issues which were the subject of brokers’ buy recommendations, Chase and Equiticorp, lost 10c and 17c respectively. Other industrial sectors were also weaker as turnover dropped, although rises were ahead of falls 67 to 55. Property issues were the dominant sector for the second consecutive session. Mainstay, the Christchurch property developer, was again the target of buyers, the issue gaining a further 10c to 90c on a turn- 1 over of more than 200,000 shares. Landmark also firmed again.

However, the spectacular gain of Robt Jones Investments, from its December close of 235 c to 310 c on Thursday, was nearly halved yesterday, the issue dropping 35c. Renouf Properties, another issue that has .shown sharp gains this week lost 15c, as did its parent company, Renouf Corporation. Mace Development Corporation, the result of a merger of Woolworths (N.Z.) Properties, under L. D. Nathan, and Mace Developments, stood out on a 45c gain.

Among the market leaders, Carter Holt Harvey rose 18c to 313 to be 5c above the price’ offered by a buyer seeking just over 1 per cent of the company’s capital. NZ Forest Products eased 3c, NZI Corporation sc, and Wattie sc, but

Goodman finned sc. Fletcher Challenge was steady at 370 c. New Zealand Salmon was again prominent in the secondliners, rising 15c to 695 c, and putting its gains for the week at 115 c. Kiwifruit recovered 7c to 45c, and Endeavour was steady at 185 c on a turnover of more than 27,000 as Young Nick Holdings declared its offer for the company.unconditional.