THE MARKET Active and firm

Press, 22 October 1986, Page 38

THE MARKET Active and firm

Trading was active on the New Zealand sharemarket yesterday • as selected market leaders pushed Barclays’ index of industrial shares up 23.14 points, to a new high of 3407.86. There were five rises for every four falls, and turnover was 49.5 million shares valued at $160.8 million. After allowing for the purchase by Fletcher Challenge of 36.9 million Goodman shares worth $37,027,335, the figure was 12.5 million shares valued at $26.6 million — an average of 214 c a share. Goodman Fielder led the turnover figures, both on volume and value, and Prime West was second on volume. Two new listings, American Strategic Investments, and Dunbar Sloane, were also in the top ten volume leaders. “A very active day’s trading, with the prices of market leaders standing out,” said Mr Patrick Lee, market operator . for Chamberlain Sturge and

Company, Christchurch sharebroker. “Fletcher Challenge continued to be rerated while other market leaders, Carter Holt, Goodman Fielder, Chase, and Rainbow all recorded good gains. “Euronational shed 20c after its major rises, and Brierley Investments also lost ground. “American Strategic Investments was again heavily traded, as was Prime West even though the latter’s price failed to move. , “The two new listings, Applefields and Dunbar Sloane, failed to stir the market, and stags would not be overjoyed at their listing prices,” Mr . Lee said. The Auckland sharebroker, Buttle Wilson, was an aggressive buyer of. Carter Holt shares in the afternoon, pushing the shares up 25c to 465. Positive market reaction to FCL taking a 9.9 per cent stake in Goodman Fielder saw. rises in

both companies’ shares yesterday. FCL added 13c to 525, and Goodman Fielder 15c to 475. The big investment groups Brierley and Equiticorp eased on profittaking as the day progressed. “As Brierley tends to lead the market by a day or two, it could indicate that the market is tired at these levels, and could come off a little,” one broker said. Brierley shed 15c to 675 at the close, while Equiticorp eased 8c to 532. But Rainbow, ex 3c dividend, followed Monday’s 30c rise with a 48c leap to 925 yesterday, and Chase put on 10c to 730. Capital Markets, which yesterday announced a merger of its Horizon Oil subsidiary with the Australian oil explorer Cultus Resources, eased 5c to 485. The reconstructed Otago Press and Produce relisted yesterday, opening at 160 c and closing 80c higher at 240 c..