THE MARKET Sellers take profits

Press, 20 February 1986, Page 26

THE MARKET Sellers take profits

Profit-takers moved into the New Zealand sharemarket yesterday, and took the edge of the recent firming trend. Falls outnumbered rises six to five, in active trading, pushing Barclays* index of industrial shares down 5.59 points to 2031.37, while 9.4 million shares changed hands at an average price of 171 c a share.

“Uncertainty over the domestic economy, because of the predictions by the Institute of Economic Research, caused the market to weaken,” said Mr David Dott, of Chamberlain Sturge and Company, Christchurch sharebroker.

“However, the market was active, and still being supported by re-investment of ithe proceeds from recent market stands,” Mr Dott said.

Another broker said that although the market came under some selling pressure, most price movements were moderated by buyers absorbing good volumes of stock.

Activity in Farmers Trading Company shares boosted volume.

The acting Auckland broker, Paine, Belcher and Partners, said it bought 1,268,496 FTC shares at its unnamed client’s offer price of 175, and 54,517 17 per cent preference shares at

Total sales in FTC ords yesterday were more than 1.7 million. The vast majority crossed at 175, down 1c on Tuesday’s close, with a few selling at 178. Paine, Belcher said it had bought 3,479,995 ords and 114,947 spec prefs so far — nearly halfway to its 7.85

million target which would give its client a 5 per cent stake in the retailer. Brierley recorded the biggest fall among the leaders, down 10c to 735, while Chase slipped 7c to 618, and down 5c each were Equiticorp at 385, and Apex at 365. Other leaders to ease were Crown, 5c to 150, McConnell Dowell, also 5c to 110, Feltex 4c to 298, Fisher and Paykel 3c to 292, ANZ 3c to 225 and Progressive Enterprises 1c to 356. Lion firmed 5c to 495 and L D Nathan put on 3c to 325. Other leaders* gains were restricted to 1c — Capital Markets to 275, Carter Holt to 326, Fletchers to 377, Goodman to 416, and Winstone to 158.

NZFP at 240 and NZI at 167 both closed unchanged, with more than 950,009 shares trading in the

latter. Elsewhere, National Bloodstock, with another subsidiary listing in the pipeline, raced ahead 45c to 470, and the infrequently traded Transport Ashburton jumped 35c to 160. Soon-to-be-merged Salmond and Smlth-Blolab were both firmer, 20c to 420 and 15c to 345 respectively. A special sale of 310,090 Salmond shares at 377 was also recorded. Mace’s firm trend continued, with a rise of 15c to 420, and Equiticorp’s takeover target, A. M-.Bisley, put on 10c to 180.

Manthel Motors shed 15c to 310 and down 10c each were Ajax McPherson’s to 220, NZ Marine Farms to 190, NZ Salmon to 760, and Waste Management to 190. NZ Steel slipped another 3c to 65 at the close.