THE MARKET Equiticorp buying sparks interest

Press, 27 November 1986, Page 26

THE MARKET Equiticorp buying sparks interest

The New Zealand sharemarket was mixed yesterday, although a big buying order for Equiticorp Holdings shares sparked off interest in the afternoon session.

The Barclays industrial index finished just ahead of Tuesday’s close, up 0.03 points to 3776.99. The Reserve Bank index, a wider market indicator, was also up slightly, gaining 13 points to 13,517. Price changes from closing sales in Wellington showed rises ahead of falls 55 to 49. Turnover amounted to 24.48 million shares, worth $51.4M, but market activity was not considered as strong as on Tuesday.

Mr Tim Preston, the market operator for Hamilton Hindin Greene,

said that trading was easier in the morning session, but an order for six million Equiticorp shares by an Auckland broker created interest in trading in the afternoon.

The broker managed to buy 4.2 M shares, and sparked off a rally in other industrials.

Equiticorp closed 35c up at 575 c, and Brierley was ahead 5c to 670 c on optimistic reports about what was going to be said at yesterday’s annual meeting, he said.

Robt Jones Investments stood out among the falls, losing 35c to 300 c, and there was considerable selling pressure still on the issue when the market closed.

Chase Corporation traded in a narrow range and NZ Forest Products

was up 3c, Mr Preston said.

Gattie, the subject of a merger proposal with Good . man Fielder, was another issue to come under selling pressure, losing 30c to 540 c Gwdman firmed 5c t 0 Magnum, formerly Rothmans Industries, which has permission to take-over Dominion Breweries, eased 10c to 710 c. Capital markets was 5c down to 855 c ahead of its annual meeting later in the day.

Blandford Lodge. the thoroughbred bloodstock issue, firmed 2c to 72c after predictions at the annual meeting of a maiden dividend this financial year. Among the market leaders, Carter Holt Harvey and Rada lost 5c each, but Feltex continued to improve, gaining 18c. NZI Corporation firmed 2c to 228 c and Fletcher Challenge 1c to 539 c.