THE MARKET Index falls again

Press, 30 January 1986, Page 25

THE MARKET Index falls again

Sharp falls among leading investment companies on the New Zealand sharemarket yesterday caused the Barclays industrial index to lose 13.52 points.

The market indicator closed at 1867.38 after Brierley lost 10c to 680 c, Chase 11c to 575 c, and Apex Group 20c to 335 c. Falls outnumbered rises by 67 to 41 on a turnover of almost 4.3 million shares.

Mrs Ellen Croxson, the market operator for Anderson, Reid and Company, the Christchurch broker, said that prices steadied in the afternoon call after dropping sharply in the morning.

The bloodstock issues continued to weaken, but some industrials stood out against the easier trend, notably NZI Corporation. Investors were also prepared to take a punt on Goliath, she said. NZI Corporation closed at its high for the day of 164 c, for a 4c gain, after

selling as low as 159 c. Other industrials to go higher included Cable Price Downer and NZ Forest Products. Carter Holt stood out on a 10c loss, and also easier were ANZ Banking Group, Goodman Group, and Equiticorp. Fletcher Challenge was unchanged at 317 c.

Dingwall and Paulger, which is the subject of a directorate buy-out at 310 c, plus interest from Brierley Investments, rose 5c to 330 c. Goliath firmed 1c to 8c in spite of news that it was quitting gold mining. There has been speculation that the company might become an investment business. Petro Taranaki failed to react to the news that it also was looking to become an investment group — its contributing shares lost 1c to 17c and the options were steady at 12c on a big turnover of 466,000 shares. Selected second-line issues were again in demand. Autocrat Sanyo added a further 15c to the 20c it made on Tuesday, to close at 115 c. Mace put its gains for the last two sessions at 30c after rising 20c yesterday to 420 c. There was renewed interest in New Zealand Marine Farms, the issue jumping 15c to 165 c. New Zealand Salmon was untraded.

Thoroughbred issues were again easier, and Ra Ora Stud stood out on a 20c fall to 190 c. However,

Thoroughbred Holdings was prominent among the issues, firming 7c to 85c. Redvale, the standardbred issue, resumed its climb, gaining 5c to 170 c, and National Bloodstock, the company that launched it, was also firmer.

Property issues were quiet, except for Robt Jones Investments, which improved 15c. Cavalier Elco and Kingsgate were actively traded, as was Newmans Group at 230 c, although it closed 2c up to 232 c on a small parcel.