THE MARKET Index at new high

Press, 24 July 1986, Page 30

THE MARKET Index at new high

The New Zealand sharemarket, as measured by Barclay’s index of industrial shares, rose to a new alltime high in active trading yesterday. The index rose 11.33 points to 2744.88 — 7.28 points above the previous high, set on July 7, of 2737.60. Rises outnumbered falls more than three to two, on a volume of 10.2 million shares valued at $22.3 million — an average of 219 c a share. Volume was boosted by tbe crossings of 2.1 million FTC shares. Of the FTC shares 1.4 million were sold at 210 c, the price Jarden and Company are offering on behalf of an unnamed buyer. Parties friendly to Chase Corporation, which has made a take-over bid for FTC, were understood to be tbe buyers of 794,000 FTC shares at 211 c a share. “There was a lot of buying interest in NZI Corporation,” said Mrs Ellen Croxson, market operator for Anderson Reid and Company, Christchurch sharebroker. “Fletcher shares were also keenly sought,” she said, “and trading volume was also boosted by the sales of Farmers Trading Company in

response to the rival bids.”

A Wellington broker said there was firm buying demand out of Auckland, but it appeared that most orders bad been filled in the morning session, as prices were steadier in afternoon trade. Consequently the market would probably ease today, the broker said.

Fisher and Paykel gained 28c to 400, a total rise of 50c since last Friday. On Tuesday the company said it would report a profit of $10.3 million for the six months to September 30, double that made in the same period last year. Renewed rumours that NZI was likely to be restructured were probably behind the insurance company’s 11c rise to 200.

Fletcher Challenge, New Zealand’s industrial giant, put on 13c to 428. Renouf Corporation gained 20c to 005, Rainbow rose 15c to 690, and 10c rises were posted by Saudicorp at 445, Omnicorp at 230, NZ Salmon at 550, Barclays at 210, and Bendon at 410. NZ News recovered 30c to $lO, Cromwell rose another 50c to 1350,

Trans Ashburton continued its recent strong trend by putting on 46c' to 550.

Among local stocks, Prudential, 20 c up to 270, and Radio Avon, up 15c to 125, while Christchcurch Press at 325, NZ Cement at 110, NZ Marine Farms at 270, and Abcal at 200, all rose sc. J,

Other 5c rises were by Equiticorp at 535, NZ Light Leathers at 85, ICI at 200, LW. Dow, at 280, and Ceramcb at 765.

LWR gained 4c to 97. Crown rose 3c to 175, and up 2c were ANZ at 300, Smiths City Market at 152, and Carborundum at 92.

Among the falls, Wilson and Horton was 10c weaker at 670, and Progressive Enterprises was down 5c at 445. Carter Holt dropped 2c to 388. lEP, an offshoot of Brierley Investments, shed 20c to 980. One broker said the overseas markets where lEP was listed had been volatile or weaker lately and the stock was falling in sympathy within New Zealand.

New Zealand Goldfields gained 75c to 300 on turnover of only 500 shares.