Market jumps

Press, 30 September 1986, Page 22

Market jumps

Share prices rose strongly in light trading yesterday, pushing the Barclay’s index to a new record. At 3181.63, the index was up 38.56 points. The index has risen almost 67 points in the last two trading days, and more than 160 points in the last six trading days.

The index is now more than 93 per cent higher than it was at the last trading day of September last year. Rises outnumbered falls, 89 to 57. Turnover was 5,800,033 shares. Mr Tim Preston, of Hamilton, Hindin, Greene, the Christchurch broker, said there was no real volume. This made it difficult to determine a trend. “It could go any way.” Most price movements were recorded in the morning, and shares were steadier in afternoon trade. Fletcher Challenge up 13c to 495 and Brierley Investments, Ltd’s 8c rise to 708. Among other investment companies to rise were: Capital Markets, up 12c at 415; Equiticorp 2c higher at

440; Rada 5c higher at 132; and Rainbow up 3c to 705.

In the industrial sector Carter Holt Harvey put on 5c to 400, N.Z. Forest Products 6c to 284, and Winstone 4c to 172. Wattie rose 3c to 365.

The Rainbow subsidiary, Rainbow Properties, Ltd, debut yesterday was successful. Trading began around 200 c a 50c share, and closed at the end of afternoon call at 198.

The directors forecast a group operating profit after tax of $6.5M in the first year of operation. Adjusted for the rights issue Renouf was steady. Baycorp Holdings, Ltd, the debt-collecting firm, also rose 30c. Since the beginning of last month they have risen more than 300 c, from 120 c to yesterday’s 435. Baycorp’s spiral has most of the market puzzled: speculation seems the only cause. Beta Corporation, the North Auckland transport firm, rose 30c. It has been rising steadily for the last

seven weeks. When it went ex-dividend in early August it was trading around 400 c, compared with yesterday’s 560.

Allflex, the Palmerston North agricultural products exporter (ear tags, etc), took another knock, falling 15c to 200. At the beginning of the year it was trading around 275 to 280, but has taken a knock from Rogernomics. There was sizeable turnover in Prime West (216,000 shares traded), but the price was only 1c firmer at 27. Computer Consultants, Ltd, was up 15c at 325. This share has risen 50c in September and about 100 c this year. In the mining stocks, Mineral Resources, which has a good stake in Martha Hill, which is likely to be mined for gold in the next few years, rose 7c to 72. It has climbed steadily from 50c this month. More than a million

shares were sold in Auckland Gas, up 5c at 305.