THE MARKET Index drifts as falls outnumber rises
Falls outnumbered rises yesterday for the sixth successive day in dull trading on New Zealand stock exchanges, with Barclays’ index of industrial shares drifting 7.89 points down to 3785.59. Brokers said there was not a lot of interest in the market — people were just completing orders for the end of the year.
Brierley Investments, Ltd, announced that it was forming a European bank in partnership with Capital Markets, Ltd, and the Bank of New Zealand. BIL was steady at 650, and Capital Markets
was also unmoved at 850. Wilson and Horton rose 30c to 770, and Magnum 15c to 690, while L. D. Nathan added 5c to 790. Fisher and Paykel was 6c higher at 538, Waitaki 3c up at 178, and Carter Holt Harvey 5c stronger at 460. Falls by Chase, Equiticorp, and Robt Jones were largely responsible for the drop in the index. Chase fell 10c to 710, and Equiticorp 5c to 535. Robt Jones announced a one-for-ten cash issue, the purchase of a building, and a share lockup scheme designed to pro-
tect the company’s share price. However, post-an-nouncement selling pushed the s tock down 25c to 295 yesterday. Kupe Group, Ltd, which declared its takeover offer for Kupe Investments, Ltd,, unconditional, gave up 2c to 348.
Leading stocks to shed 5c were Jarden Corp to 295, Omnicorp t<o 255, and Wellesley Resources to 340.
R. W. Hellaby eased 3c to 315, as did Niti to 237. Renouf Corp was 2c lower at 648. Turnover was moderate at 9.9 million: shares valued at $20.7 mi llion —
an average of 209 c a share.
Fortuna, which had top turnover of the day at 1.2 million shares, had told the Stock Exchange last week that the trans-
actions related to the company’s purchase of the Atco group of Australia.
St Martins Properties, Ltd, a property investment company formed by the Unity Group and Freightways Holdings, Ltd, was listed yesterday.
The company will make long term investments in strategically located, high quality real estate.
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Press, 19 December 1986, Page 23
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342THE MARKET Index drifts as falls outnumber rises Press, 19 December 1986, Page 23
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