THE MARKET Some sharp falls hold fall in index to 1.72 points

Press, 13 March 1986, Page 28

THE MARKET Some sharp falls hold fall in index to 1.72 points

Falls outnumbered rises more than three to two on the New Zealand sharemarket yesterday, but some steep gains by investment companies kept the decline of Barclay’s index of industrial shares to only 1.72 points. Turnover was 6.9 million shares worth $15.8 million — an average of 228 c a share.

The biggest rise was recorded by Renouf Corporation, on the strength of its merger with the New Zealand assets of Ariadne Australia, Ltd. The shares jumped 40c to 315 c.

Renouf Corp, was listed only 18 months ago, and Ariadne in its present form is only two years older — perhaps symptomatic of what is happening in the investment world.

The new grouping owns 45 per cent of R. and W. Hellaby, once a frozen meat works owner but now an investor which will remain a separately listed company.

More than one million Hellaby shares changed hands at 260 c, and the closing price was 265 c, unchanged on the day. Chase Corporation at 820 and Mace Corporation at 465 rose 35c each. Capital Markets, another newcomer to the list, put on 30c to 305, and Rainbow Corp. 25c to 390 c.

Fletcher Challenge rose

one cent to 336 c, after its $133.2 million interim profit got a mixed reception from sharemarket analysts. Some thought it looked good “on the face of it” while others were disappointed and one of them referred to the profit as “the curate’s egg.”

Equiticorp dropped 13 to 386, NZI lost 5c to 150, ANZ was down 4c to 228, NZ Forest Products and Wattie Industries dropped 3c to 262 and 345, Carter Holt Harvey

lost 2c to 326 and Winstone 1c to 157. AB Cables (to 250), lEP (970), Prudential (190), Thoroughbred (120), Wilkins and Davies (330) and Wilson Neill (380) each gained 10c. Profit takers put the brakes on Wilson and Horton’s steady rise. It came back 20c to $10.40 while Fund NZ lost 15c to 305, Genestock fell 11c to 43 and Motor Holdings lost 8c to 212. Arthur Ellis, Apex, BNZ Finance, NZ Salmon, and Redvale each lost 10c.