THE MARKET Changes balance index at peak

Press, 12 September 1986, Page 11

THE MARKET Changes balance index at peak

Barclay’s index of industrial shares effortlessly pierced the 3100 barrier yesterday, putting on 28.68 points to a close of 3123.27 — a new peak. However, rises and falls were in exact balance, and the sharemarket did not feel particularly strong yesterday. “The sharemarket was quite mixed in places,” said Mr Tim Preston, market operator for the Christchurch sharebroking firm Hamilton Hindin and Greene. “A lot of second-line stocks were under selling pressure and drifting downward,” he said. There are many rumours in the market, Mr Preston said. Ceramco is firm on whispers of a 1:1 bonus issue and the sale of its Atlas division. NZI is rumoured to be under the attention of the likes of Renouf. One set of rumours was pinned down yesterday by the announcement of

Kupe’s interest in Apex. "The market is rather long in Kupe,” Mr Preston said, "and now that the speculation is gone the shares are likely to settle down,” Selected leading stocks were particularly well supported, and strong rises among them outweighed a minor fail by Brierley Investments, Ltd. Both Institutional investors and private clients were active in the market Chase raced up 28c to 718, which one broker attributed-to renewed interest after a quiet patch. Fletcher Challenge added 20c to Wednesday’s 25c rise to reach 470 after its record profit announcement earlier this week. The Dunedin based investor Apex, whose directors first issued a “don’t sell” notice yesterday, and then revealed that Kupe Investments had bought BlL’s 47.7 per cent holding in Apex,

gained 8c to 395. Other leading investment companies to rise were Capital Markets, 3c to 358, Equiticorp, 2c to 414, Rada, 2c to 128, and Renouf Corp, 5c to 650. NJZ. Forest Products put on 7c to 275 on the back of a lower local dollar which was favourable for NZFP’s exporting business, brokers said. Winstone was 3c higher at 160, and the supermarket operator Progressive Enterprises added 3c to 478. Contrary to that rise another retailer, L.D. Nathan, fell by 5c to 650. Brierley Investments shed 4c to 731 and its subsidiary lEP gave up 5c to 1185. Carter Holt Harvey at 392, and Wattie at 365 were both 3c easier, while Farmers Trading Co. fell 2c to 233. Turnover was 8.0 million shares worth $22.4 million, an average of 280 c a share.