THE MARKET Strong, active trading

Press, 14 October 1986, Page 32

THE MARKET Strong, active trading

Rises outnumbered falls by more than two to one in . hectic trading yesterday as the New Zealand sharemarket stuck with last week’s bull-trend — pushing Barclay’s index of industrial shares through the 3300-barrier to its fourth consecutive alltime high.

Small investors were largely responsible for the 9.6 million shares traded for $25.7 million — an average of 269 c a share.

The index rose 44.86 points to 3305.41. The clearly positive mood could not easily be attributed to any one event: good profit results and bullish media comment probably had some bearing. Another very firm day, with the New Zealand

sharemarket finishing full of running and with no apparent signs of slowing, said Mr Patrick Lee, market operator with the Christchurch sharebroking firm Chamberlain Sturge and Company. “The buying pressure was astonishing, especially in the Auckland area, as it appears cash is no problem to investors at present,” he said. “The overwhelming response to the Auckland Money Show certainly helped to sustain prices yesterday. ■ “Brierley Investments and Chase Corporation, both market leaders, led the way, with the entrepreneurial stocks, Rainbow, Equiticorp, and Omnicorp, also bounding ahead.

"After initial reservation about the Apex-Kupe take-over, investors had an apparent change of heart as these two issues have risen strongly in the last few days. “Investors appear to be not worried over the upcoming cash issues, judging from the way the market closed yesterday,” Mr Lee said.

Rainbow Corp rose 20c to 840, and Rainbow Properties jumped 60c to 350; Equiticorp put on 21c to 500, Omnicorp 24c to 303, while Kupe leapt 36c to 268 and Apex recovered 32c to 375.

Brierley Investments closed 12c up to 712 after trading as high as 720, Fletcher Challenge put on 8c to 500, and the solid industrial. Carter Holt,

jumped 20c to 448. Ceramco also gained 20c, to 1050. ; •= H,

Smaller gains were made by NZ Forest Products, 2c to 284, and NZI, 1c to 200. L. D. Nathan, at 625, and Newmans, at 245, both rose 3c. Waitaki had its best gain for weeks as it jumped 13c to 160 — no doubt in reaction to its smart deal in Hawke’s Bay.

Property companies were prominent among the rises with the sole exception of Arahi, which lost 5c to 105 c.

Falls were generally smaller than rises: Pacerpac was the biggest, 35c down at 815, while Montana dropped 15c to 175 c, and Capital Markets also 15c to 460.