THE MARKET Index jumps again

Press, 21 November 1986, Page 10

THE MARKET Index jumps again

The Barclays industrial index continued to regain lost ground yesterday, climbing 33.7® points to 3783.84 as shares firmed in active trading. More than 19.7 million shares were traded, worth $27.9M — an average of 261 c a share. Rises outnumbered falls five to three. Robt Jones Investments was the leader by volume, trading for the first time on its 19c share split Sales of 968,360 Robt Jones shares were recorded, worth S3.IM, as the share rose 19c to 315 c, ex the split. Others in the top five by volume were, In order, Renouf Properties, 10c up at 290; National Pacific, 10c higher at 110; Prime-West, steady at 30c; and Smiths City Market, up 10c to 180. Mr Tony NorbertMunns, the operating partner for Egden Wignail and Company, the Christchurch sharebroker, said that the

market’s recovery from last week’s setback dearly showed that further rises could be expected for the rest of this year and well into the new year. There was tremendous support for good quality stocks.

“The bull run is not over yet and there will be further take-overs such as today’s complete offer for UEB. This all helps to fuel the market”

Robt Jones continued its amazing strength trading near the close at 326 c, a new high after the bonus and share split It would move higher this year, he said. On the whole, price changes were smaller than they have been in the last few days. Brother recorded the biggest rise, IMc to 1350, and Dominion Breweries the largest fail, 56c to 7®o.

Carborundrum rose 3#c to 115, 5c above the offer price for 5M of its shares. Beta Corporation which yesterday reported a 244 per cent in-

crease la profits, galaed 25c to 845 c. UEB firmed 3c te 168 c on news ef a possible take-over bid and Firestone gained 8c to 236 c ahead of its earnings announcement.

Blue-chip industrials were firmer, with the exception of Fletcher Challenge, which lost 3c to 475, and Lion, 5c down to 685. Wattle put on 15c to 536, Winstone rose 8c to 198, Feltex gained lie to 425, Ceramco also 16c to 1266, Fisher and Paykel was 5c higher at 556, while Goodman Fielder also gained 5c to 485.

NZ! Corporation was 1c dearer at 224, aad Carter Holt 2c at 486. Rises of 5c were also chalked up by the two big investors, Chase at 866 and Equiticorp at 555, but Brierley Investments shed 6c to 684, and its grandchild, Tozer Kemsley, Sc to 385. Elsewhere among investment companies recentlylisted Judge Corporation dropped 46c to 846, and 16c falls were shown by Renouf Corporation at 656, R and W Hellaby at 326, and A.W.NZ Investments, at 246. However, Crown rose 5c to 365, Kupe 8c to 275, and Omnicorp 16c to 286.