THE MARKET Index up but more falls than rises

Press, 3 September 1986, Page 32

THE MARKET Index up but more falls than rises

Barclays’ index of industrial shares broke again through the 3000mark yesterday, putting on 11.19 points to 3006.36. However, few market leaders showed up among the rises, price changes generally were small, and falls outnumbered rises four to three.

LD Nathan had the best rise among the market leaders —15 c to 650; Fletchers gained 5c to 425, and 3c rises were posted by Feltex, to 345, Fisher and Paykel, to 398, NZ Forest Products to 265, and Ceramco, to 958.

Brierley Investments actually fell 2c to 680, although its overseas offshoots did well — lEP rose 15c to 1165, and Tozer KM 20c to 550.

“The appointment of a receiver for AIC Finance did not have any effect on the sharemarket yesterday, and the index again went above the 3000 barrier — up 11.19 on the day, said Mr Tony Norbert-Munns, operating partner for Egden

Wignall and Company, Christchurch sharebroker. Market leaders were active and firm, and several top second line stocks moved sharply ahead. Corporate activity remains quiet, staying on the sidelines to see if any downward trend should occur, thus creating opportunities to buy in at the lower levels,” he said. Most investment companies were on the losing side. Chase lost 5c to 710, Equiticorp dropped 8c to 424, and Euronational 10c to 730. Omnicorp was down 4c to 218, while Hellabys shed 12c to 328 and Rada 5c to 135.

Jarden Corp fell 3c to 252; Leyland was sold down 10c, and Leyland Capital 7c lower at 175, although their stablemate Leyland Growth gained 3c, to 413. The only investment companies to go against the trend were Saudicorp, which had the best gain of the day —35 c to 485 — and Kupe Investments, 7c up to 204.

Market leaders amoag the falls were Crown, 3c to 185, and Waitakl and Wellesley, who shed the same amount to 140 and 275.

Wilkins and Davies was the second-line stock with 20c to 560, Astec dropped 15c to 190, while 10c falls were chalked up by Bendon at 420, General Properties at 240, McDowell at 160 c, and Aliegra at 200. Arahi Properties rose 30c in response to the profit and 1:25 bonus announcement, other sizeable gains among secondline stocks were Viko 20c to 160, Waste Management 10c to 360, SFM, Kearns, McAlpine, and Cerebos Gregg, also 10c each.

Electrocorp listed yesterday but had no sales

recorded, finishing with a buy quote of 100 c and sell 115 c. London Pacific (formerly Jedi) topped the market volume list again, with nearly 1.4 million shares traded between 69c and 72c. It closed 1c higher at 71.