THE MARKET Chase stands out

Press, 21 February 1986, Page 10

THE MARKET Chase stands out

Chase Corporation stood out on a 17c gain on a busy New Zealand sharemarket yesterday, as investors anticipated good news resulting from the shareholders’ meeting in Auckland.

Mr Graham Macarthur, a partner of Finch, Webster, Nathan, the Wellington broker, said yesteray that the news that Chase had taken over Property Estates, in Australia, seemed to have been anticipated by the market Such a move would help Chase’s property trading across the Tasman.

Trading had shown a lot more confidence in the afternoon call after profit-taking in the morning session. Fletcher Challenge and Goodman were among the issues actively

,Mr Ken Stevens, the market operator for Harkness and Company, said that trading had been generally steady yesterday. He expected this trend to continue today. .. However, If industrial Equity (Pacific), the Hong Kong offshoot of Industrial Equity, of Australia, is listed today, the market might acquire a new lease of life. Brierley Investments has a big interest in Industrial remained 5c down at 730 c, partly accounting for the 3.24 points dropped In the Barclays Industrial Index. Falls outnumbered rises by 55 to 63. Chase closed at its high for the day of 635 c, after selling as low as 618 c. Equiticorp dropped 10c to 375 c, but Rainbow improved 10c to 315 c after reporting a big jump in earnings. Apex Group, another leading in-

vestment issue, lost 15c. Firestone rose 5c to 220 c ahead of the annual meeting, and Williamson Jeffery stood out on a 15c gain. A special sale of 340,000 Salmond Industries’ shares at 385 c was well behind the onmarket price of 415 c, up sc, but a special 175,000 parcel of Cavalier Elco shares at 144 c was 2c ahead of the market price. Goliath was again busy in the mining and oil sector, 172,000 units trading at a steady 13c, as the date of the extraordinary meeting for the reconstruction of the former gold miner’s capital was announced. The Barclays mining index dropped 1.68 points to 164.60. FTC shares were actively traded again, with 884,913 trading at 175 c. Of these, 571,000 carried the escalation clause offered by Paine, Belcher and Company, which is standing in the market for 5 per cent of the capital for a mystery client.