THE MARKET Sellers remain in command

Press, 4 November 1986, Page 22

THE MARKET Sellers remain in command

Strong support across the boards of the New Zealand sharemarket continued from where it left off on Friday. In very active trading buyers sent Barclay’s index of industrial shares crashing through the 3600 point-barrier for its sixth consecutive alltime high and its 21st record in 25 trading days. The index shot up no less than 54.79 points to 3629.13 — mainly on the back of phenomenal rises in Fisher and Paykel, Wilson and Horton, Ceramco, Lion, and Equiticorp.

Rises outnumbered falls only five to four but aggressive buying of selected stocks was responsible for some huge gains, and interest was evenly spread between industrial and investment sectors. Wilson and Horton, a scrip-tight stock, shot up 70c to 920 after there being a “buyers, no sellers” situation since announcing its profit on October 23, one broker said.

Lion rose by a massive 55c to 760 and Renouf Corp 35c to 690.1 Among investors, Capital Markets jumped 37c to 610, and Equiticorp at

565, was 27c higher.

The broker said that similarly, with Lion having two major shareholders, shares in this stock were also hard to come by. “I would expect the market to come off, or maybe even flatten out a little tomorrow,” he said. Brierley Investments put on 8c to 188. The bid by an unnamed buyer, through the Auckland broker Hendry Hay, for. a stake in NZ Forest Products made, no further progress.

Hendry-Hay said they had amassed nearly a million NZFP shares so far but had not bought any yesterday. The 10.7 per cent bld was not helped by Jarden and Company, of Wellington, who were reported buyers at 355, 5c above the offer price.

“After a weekend of analysing media comment and the financial press, investors again put strain on the system as buy orders well exceeded sells as the market began the week on an aggressive note,” said Mr Derek Howarth, market operator for Lawrence Millton Howarth, Christchurch sharebroker.

Highlights included:

® Queenstown Resorts, 25c rise after week-end tipsheet comment

© Capital Markets, as interest again centred on KZ7 and Michael Fay’s involvement with the America’s Cup.

© Chase Brierley Jones and Fletcher also gained ground — a trend which seems likely to continue into the foreseeable future.

Volume wa a high 10.2 million shares, crossed for $24.1 million — an average of 236 c a share. Once again Prime West was the volume leader, with Rainbow Properties taking a 25 per cent interest in the company; NZ Forest Products and NZI were next. Ceramco rose 30c to 1150, Dominion Breweries 10c to 565, Fisher and Paykel jumped 40c to 540, Fletcher, Feltex, and Goodman rose 10c each.

Against the trend went Apex, down 13c to 362, Carter Holt, at 460, Quill Humphreys at 310, Rainbow at 940 down 10c each.

NZ News was one of the bigger losers —39 c to 1130, as was Montana, with a 25c drop to 175, but both were tipped by the 90c fall, to 950, by Pacer Pacific.