THE MARKET Sharp decline on N.Z. sharemarket

Press, 27 February 1986, Page 24

THE MARKET Sharp decline on N.Z. sharemarket

Falls outnumbered rises five to two on the New Zealand 'sharemarket yesterday as it dropped sharply, with the Barclays index of industrials losing 25.7 points to 2005.71. Trading was a little more active, 5.7 million shares changing hands at $12.6 million — an average of 221 c a share.

“The market had a weaker tone with profittakers moving in,” said Mr Ken Stevens, market operator with Harkness and Company, a Christchurch sharebroker. “The sharp fall in Brierley Investments shares was the major upset of the day, but tbe shares steadied in the afternoon. The weaker trend is likely to continue for most of the week, Mr Stevens said.

The fall in Brierley shares was probably triggered by the problems of its Australian offshoot, Industrial Equity, over the latter’s

shareholding in North Broken Hill.

Brierleys dropped 41c to 700 c but recovered a little in the afternoon, closing at 715 c, for a loss of 26c on the day. Many other stocks rallied in late afternoon trading, after having traversed a wide price range. Industrial Equity Pacific, Brierley’s Hong Kong .offshoot, lost 30c to 910 c on the local market

Fletcher Challenge closed ex dividend ex bonus precisely at the theoretical price of 305 c.

Shares of local companies featuring in the news recently were Mount Cook Group and Quill Humphreys, both steady at 335 c and 180 c, but Waitaki lost another 6c to 172 c on volume of 228,100 shares in a special sale. Other large special sales were 200,000 Cromwell at 450 c, compared with an on-market price of 375 c, and 50,000 Goodman at 420 c against an

on-market price of 425 c. Leaders among the falls included Chase, down 20c to 620 c; ANZ, down 13c to 205; Wattle Industries, down 10c to 335 c; Equiticorp, down 8c to 350 c; Capital Markets, down 7c to 265 c, and N.Z. Insurance, down 5c to 158 c.

Carter Holt Harvey was the only leading stock to gain, rising 2c to finish at 330 c. National Bloodstock and its associate, Redvale, were both victim to heavy profit-taking after a good run of steady rises in the last few days. National Blood lost 52c to finish at 490 c, and Redvale lost 35c to close at 275 c.

Cobex, the new listing, made 19c to 300 c. Corporate Investment put on 15c to 350 c, and L. D. Nathan gained 5c to 365 c.

Paine Belcher and Partners said they bought 39,657 ordinary FTC shares at 175 c for their unspecified buyer.