THE MARKET Fifth record in a row

Press, 24 June 1986, Page 24

THE MARKET Fifth record in a row

The New Zealand sharemarket took another huge leap forward yesterday, in active trading, with rises outnumbering fails two to one. In its fifth consecutive record-breaking day Barclays’ index of industrial shares cruised effortlessly through the 2700barrier, jumping 37.31 points to 2702.41, on a turnover of virtually 10 million shares worth $18.69 million — an average of 187 c a share. The Auckland sharebroker, Morrow and Benjamin, has filled its 5 million Fletcher Challenge share order on behalf of an unnamed buyer for more than 80 per cent. Market speculation has it that the market stand is an effort similar to Equiticorp’s bid for a strategic stake in Carter Holt, which Equiticorp sold at a big profit when Carters and Alex Harvey merged. Market leaders were in the van of an extremely firm and very busy sharemarket yesterday, said Mr Geoff Wilkinson, market operator for Hamilton Hindin and Greene, Christchurch sharebroker.

“Brierley Investments and Saudicorp were in demand,” he said, “and

Robt Jones Investments were well up ahead of the annual meeting.

“It looks as if the market will stay this way for a while — there were not many sellers at the close,” Mr Wilkinson said. FCL shares ended today at the offer price of 460 c while other leading stocks reflected the mood of the market by bounding ahead. Among these were Brierley Investments up 27c to 595, Equiticorp up 13c to 548, Capital Markets up 10c to 360, and Chase up 50c to 1190.

Rising 5c were Lion at 495, Apex at 360, Dominion Breweries at 440, Crown at 170, and McDowell at 160, while NZ Forest Products at 235, NZI at 195, and Carter Holt at 400, all rose 2c.

Farmers Trading was up 1c at 176. On the downside, Wilson and Horton -at 700, Cable Price Downer at 390, and lEP at 1165 all lost sc.

Elsewhere, attention focused on the listed Shell company, Jedi, which rose 10c to 85 on

turnover exceeding 2 million shares. Some second-line stocks attracted strong buying interest, Robt Jones Investments leaping 60c to 530, Renouf Corp 20c to 580, and Rainbow 35c to 715.

Clypex, said to be the centre of rumour on the exchange floor yesterday, gained 23c to 95. Rising 20c were Wilson Neill at 670, and Ceramco at 650.

Mount Cook, down 22c to 228, and NZ News down 20c to 880 were among the larger falls.