THE MARKET Brierley resumes climb

Press, 16 January 1986, Page 20

THE MARKET Brierley resumes climb

Brierley Investments resumed its upward trend yesterday on a New Zealand sharemarket that was otherwise soft and quiet The Barclays industrial index lost 9.42 points to 1933.15, but it would have fallen much more if Brierley had not gained a further 28c to close at its high of the day of 738. The leading issue had been weaker ahead of going ex bonus on Tuesday, but was 20c ahead of its theoretical price on that day. Falls outnumbered rises, 60 to 52, and the volume was quiet, a little more than 3M shares being traded. Mrs Ellen Croxson, the market operator for Anderson, Reid and Company, the Christchurch broker, said

that the market was quieter than last week, and prices were levelling out. However, there was still a lot of interrest in Brierley Investments, and the issue had continued to firm in the afternoon call. There was also increased buying interest in Skellerup and Smith’s City Market, perhaps because people were looking for something that was a bit more reasonably priced, she said. Fletcher Challenge stood out on a 10c loss to 323 to lead the blue-chip issues in the falls, closely followed by the NZI Corporation on a 9c drop to 175. Farmers’ Trading Company, NZ Forest Products, Winstone, and Yates eased 2c each.

ANZ Banking Group was, ahead 2c ex bonus and divi-

dend at 335, and Crown was another market leader to firm. Chase also improved after being weaker earlier in the week, but Equiticorp finally struck a selling patch. Feltex and Wattie were unchanged. Apparel Holdings, the subject of a merger with John Webster, stood out on an 8c gain among the second-line stocks. Another prominent issue was Command, up 25c to 225, but Abacus lost 8c to 272. New Zealand Marine Farms continued to ease. New Zealand Salmon was steady at 730 c having gained 150 since the start of the year. Otago Press and Produce, which is under offer from a group of directors within the company, lost 15c to 625.

Egden, Wignail and Company, the Christchurch broker told the Stock Exchange yesterday that it had bought 1333 shares in Dingwall and

Paulger on Tuesday and yes- ■- terday at 185 c, the price being "= offered by its unnamed client, who is seeking 5 per cent of the company. The company is w the subject of a similar offer “ by the majority shareholders . to that made by the directors • within Otago Press and Produce.

Thoroughbred issues re- w mained mixed, but Redvale, ■' the standardbred issue that joined the lists on Monday, had - its first price change, gaining - 10c to 140. Private radio issues ” were again the subject of quiet buying at steady prices. Qtron, the investment stock that slumped 160 c to 150 on Monday, appeared to have been » over-sola as it recovered 40c « yesterday. On the mining board, Spec- , trum rose 8c to 55c after the - news that the company had discovered signs of phosphate deposits «