THE MARKET Quieter, but firm

Press, 18 February 1986, Page 30

THE MARKET Quieter, but firm

The re-investment of funds from last week’s corporate activity continued yesterday, but the pace slackened a little, and the margin of rises over falls also diminished,

Turnover declined to 5.3 million shares, worth $6.9 million — an average of only 130 c a share.

“The market was a little quieter, but quite good all round and certainly not bad for a Monday,” said Mr Derek Howarth, of the Christchurch sharebroking firm, Lawrence, Millton and Howarth.

Mr Derek Cotton, market > operator with Des Tombe Gifford and Company, Wellington sharebroker, said that the market in Wellington was quite active and pretty firm across the board. “Activity in Kupe options caught the eye,” he said.

Most price changes were small by recent standards — only Equiticorp. and Brierley Investments among the leaders had double-digit gains: Equiticorp 15c to 380 and BIL 10c to 735. LD Nathan put on 8c to 318, Chase and Progressive Enterprises rose 5c each to 615 and 355, FTC and Goodman gained each 3c to 130 and 410 and Fletchers 2c to 376. The stand in the market by Guardian Royal Exchange for one million National Insurance shares at 400 c each through Francis Allison Symes, the Wellington broking firm, made little headway. Only 27,300 shares changed hands at the GRE offer, and another Wellington sharebroker, Jarden and Company, bought during the day at 401 and 402.

City Realties, which announced last week'that it had 75 acceptances of National Insurance, was one of the few industrial stocks to sell in any volume, with 265,000 shares sold at 65 and the shares closed up 1c at 66c. Crown and Watties each fell sc, to 155 c and 340, 2c falls were recorded by Feltex to 300 c and Winstone to 160, while Waitakl shed 1c to 175 c. Largest rises were Sanford 40c to 410, Mace 25c to 390, Redvale 20c to 210, and Robert Jones and Euro-National 15c each to 285 and 445. On the other side of the balance sheet 20c falls were chalked up by New Zealand Salmon and W. Jeffery, to 750 and 180, and 10c by Stereo FM to 80 in the first sale for some time.