THE MARKET Tone remains weak as trading slows

Press, 28 August 1986, Page 27

THE MARKET Tone remains weak as trading slows

So-called entrepreneurial shares were instrumental in edging up Barclays index of industrial shares by 1.02 points to 2963.04, but over all the New Zealand share market had a weaker tone, and falls outnumbered rises about four to three.

Turnover declined; 9.6 million shares changed hands yesterday, compared with 12 million on each of the previous two days. The value was $21.4 million — an average of 223 c a share.

In spite of the firmer index, most leading stocks were easier.

“The market yesterday was generally steady,” said Mr Ken Stevens, market operator for Harkness and Company, Christchurch sharebroker.

“There are signs of nervousness, with buyers pulling back.” Volume was moderate, and the present trend should con-

tinue for the remainder of the week, Mr Stevens said.

Brierley Investments fell 4c to 648, and two of its overseas offshoots were mixed:— PEP fell 5c to $10.60, and Tozer KM rose 10c to 510. Rainbow lost 15c to 725, Renouf Corp 10 to 690, the property offshoot 15c to 285, Smart Group 10c to 435, and 10c falls were also recorded by Unity, Verona, and TransAshburt o n

Mainstay also dropped 10c to 95c, and Robert Jones and Landmark fell 5c each to 580 and 165. Goodman Fielder shed 15c to 390. Other sizeable falls were Arahi, 30c down to 100, Angora 17c to 98, CPD 25c to 335, Capital Markets 15c to 355, and Richmond 24c to 300. Falls of 10c were numerous.

Among the investment stocks Chase rose 15c to

712, and Euronational responded to Tuesday’s news of bonus issue and share split by jumping 70c to 750.

Leading industrials among the rises were Fletchers 7c to 422, Feltex 8c to 335, and L. D. Nathan 15c to 650.

Double-digit rises by second-line issues included Baycorp 35c to 320, a 25c recovery by Cashpac to 225, a 15c rise by Commercial Securities to 175, General Properties 20c to 250, Leisureland 16c to 181, McAlpine 20c to 220, Northland FM 17c to 92 in spite of a “don’t sell” notice, and Revertex 25c to 185 on the strength of a broker’s tip. Wilson Neill put on 20c to 720, perhaps in reaction to news of the Ariadne link, and Smiths City Market continued its strong rising trend since the release of the annual report with another 5c to 180 c.