THE MARKET Steadier but quieter

Press, 29 August 1986, Page 11

THE MARKET Steadier but quieter

Share prices were steady on the New Zealand market yesterday, although rises among selected investment stocks pushed both indices up a bit. Falls outnumbered rises 79 to 75, and turnover was about the same as on Wednesday, for a slightly lower average share price —221 c as 9.9 million shares changed hands for $22.0 million.

“All the leading stocks were steady to slightly firmer, on a market of reduced volume,” said Mr Ross Hutton, market operator for the Christchurch sharebroking firm, Lawrence, Milton and Howarth.

“There was a lack of influential news to direct the market,” he said, “and this was reflected by the fact that both the Barclays’ industrial index and the mining index improved marginally, 4.72 points to 2968.36 and 1.37 points to 145.52 respectively. “However, profit-taking is more apparent among the second-line stocks, both a number of shares that recently had been pushed too far * on fundamentals, retreating,” Mr Hutton said. Price changes were generally small, Brierley rose 2c to 650, but its two international offshoots were

more volatile, Tozer K. M. losing 20c to 490 and lEP putting on 60c to $11.20. Among the investment issues. Chase rose 6c to 718 c, Capital Markets 10c to 365, Equitlcorp, 2c to 412, Renouf Corp. 3c to 693, Unity, 5c to 300, and Wellesley Resources, 1c to 273. Saudicorp gained 8c to 418 c. Property Companies also did well: Renouf Properties rose 15c to 300, Richmond 10c to 310, Queenstown also 10c to 165, Landmark 7c to 172, and Mainstay, 5c back to 100 c.

However, Robert Jones down 5c to 575, and Cromwell, 20c lower at $15.80,

went against the trend. Revertex gave up 16c of recent gains to close at 175, Greenhouse dropped 15c to 75c, and Jarden Corp, which had risen strongly on the strength of its prof if -announcement, shed 7c to 265. Leading industrials were quiet: Goodfield rose 5c to 395, Alliance, 10c to 160, Progressive 2c to 488, Rothmans 10c to 560, and Fletcher Challenge, up 1c to 423.

Newmans led the market on volume and was second on value, while Brierleys was top on value, and fourth on volume. Wellesley had also keenly traded.