THE MARKET BIL, Chase up on soft market

Press, 15 January 1986, Page 28

THE MARKET BIL, Chase up on soft market

Brierley (BIL) and Chase came back into favour yesterday on a busy New Zealand Stock Exchange, which was otherwise soft in tone.

The Barclays industrial index rose 10.55 points to 1942.57 as rises were ahead of falls 68 to 62. But the gain in the market indicator was mainly because of an increase in Brierley’s price, the issue closing at 710 c, to be 14c above its theoretical ex bonus price, and Chase Corporation up 11c to 593 c. Equiticorp was also firmer. Mr Tim Preston, the market operator for Hamilton, Hindin, and Greene, the Christchurch broker, said that the market was deceptive in that the gains by Brierley and Chase concealed the softer issues.

Situation issues, such as Carter Holt Harvey and Endeavour, were firmer, but the market looked as if it could ease in the next week

or so, Mr Preston said. Except for the three big investment groups mentioned, the market leaders tended to be easier. Fletcher Challenge stood out on a 6c loss'to 333, ANZ Banking Group fell 5c to 300, NZ Forest Products 3c to 232, and NZI Corporation 1c to 184. Goodman Group went against the trend, improving 5c to 375. NZ Forest Products rights were particularly active, more than 3.2 M being traded. Bloodstocks issues were mixed in spite of the value of the Waikato yearling sales showing a big gain. Blandford Lodge rose 10c to 82 and Clearwood was also firmer, but Ra Ora Stud lost 2c and Waikato Stud was steady. Redvale, the standardbred issue which joined the list on Monday, was unchanged at 130 c, although a small parcel of shares sold for 125 c. Among second-line issues, Kingsgate was busy on a turnover of 543,900 shares, the hotelier gaining 1c to 60. Qtron, which stood out on a 160 c loss on Monday, recovered 10c to 160, and Inveseo was steady at

48c on a turnover of 238,700. New Zealand Salmon continued its spectacular rise, jumping another 20c to 730 and putting its gains for the year so far at 150 c. New Zealand Marine Farms, which is in the same business as NZ Salmon, fell 12c to 148.

Radio issues showed some activity, Independent Broadcasting, the quiet Waikato private radio stock, firming 3c, and Northland FM gaining 2c. Manawatu Radio, Radio Otago, and Radio Pacific were unchanged. Petro Taranaki's options and contributing shares continued to firm in busy trading oh the mining and oil sector on speculation that it wil] be the next issue in this area to become an investment company. Goliath continued to firm in busy trading, but New Zealand Goldfields was weaker, losing 55c. Southern Petroleum’s contributing units were among the most active, 618,000 shares changing hands and the issue easing 1c to 15.