THE MARKET New high in fairly light trading

Press, 25 February 1986, Page 22

THE MARKET New high in fairly light trading

The New Zealand sharemarket reached a new high yesterday in fairly light trading, in spite of diminishing corporate activity. Barclays’ index of industrial shares rose 2.79 points to a new high of 2038.87, on turnover of 4.8 million shares worth $B.l million — an average of 170 c a share. "A mixed market, although there was renewed buying interest in the afternoon,” said Mr Derek Howarth, market operator for Lawrence Millton and Howarth, Christchurch sharebroker. There was keen demand for Skellerup, N.Z. Forest Products, Brierleys, and lEP, he said, while Renouf Corporation and Renouf Props stood out.

City Realties traded on the Stock Exchange yesterday under the new merged group banner of National Pacific Corporation, Ltd. Its shares sold on the Wellington Ex-

change for 64c, the same as City Realties’ closing price on Friday. Helping to buoy the market was Auckland sharebroker, Paine Belcher and Partners, who bought 235,294 shares in Farmers Trading Company at 175 c, with the stock closing at 178 c, up 3c.

The broker so far has bought nearly 5 million FTC ordinary shares and 312,035 17 per cent specified preference shares on behalf of an unnamed buyer who is seeking a 5 per cent stake.

Other leaders to rise were L. D. Nathan, up 10c to 360, and Lion up 5c to 500, while Cable Price Downer at 360 and NZ Forest Products at 242 both gained 2c. Falling were Chase, down 10c to 640, Equiticorp down 6c to 360, while ANZ at 220, Fisher and Paykel at 280, and Waitaki NZR at 185 all fell sc.

Capital Markets fell 4c to 272, followed by Feltex at 302, NZI at 164, Crown at 142 and McConnell Dowell at 112, all down 3c.

Shedding 2c were Progressive at 358 and Winstone at 158; Fletcher Challenge lost 1c to 377.

Race horse breeders stood out among the second-liners, Thoroughbred at 110, and National Bloodstock at 540 each gaining 20c, and Redvale 30c to 310 c.

Gaining 15c were Industrial Equity (Pacific) at 970, Corporate Investments at 335, and Ajax McPhersons at 235. Mount Cook at 335, NZ Salmon at 775, Renouf Corp at 215 and Renouf Properties at 175, all gained 10c. There was no apparent reason for Sanford’s 65c fall to 350.

R. and W. Hellaby, after going ex a l-for-5 bonus issue on Friday, rose 2c to 230 ex issue while Aurora fell 10c to 230.