THE MARKET Easier bias

Press, 13 January 1987, Page 26

THE MARKET Easier bias

Prices were mixed at the close of the sharemarket yesterday, but brokers said investor interest was gradually increasing after the holiday break. “It’s basically still quiet, but we are getting some more institutional activity,’* one broker said.

Over all, there were 87 falls and 75 rises, with the Barclays index falling 4.39 points to 3739.39. Turnover was low, with 74 million shares changing hands for a total of $15.7 million — an average of 224 c a share.

The market is remaining particularly slow, with the index weakening further yesterday on a lack of direction, said Mr Tony Norbert-Munns, operating partner for the Christchurch sharebroking firm Edgen Wignail and Company. “Hopefully, the excitement of the cup races beginning today will give a lead to many of the stocks that will be affected either way on the final results. “The traded share index on the futur market has moved up, showing a small premium over the actual index, but if we lose the first race this premium will disappear.

“The market can expect a roller coaster ride over the next two

weeks,” Mr NorbertMunns said.

NZI Corp, was the market leader by volume, followed by Prime West, Brieley Investments, and Fletcher Challenge. Ranked by value of sales, Brierleys was first, with NZI second and Fletchers third.

The range of price changes was narrower than it has been recently: most moves were small. Robt Jones Investment rose 14c to 392, and has now made up all the ground lost last week, when the stock reached a closing low of 2*5. Wilson and Horton also added 19c at 789, while Brierley Investments, Ltd, was 5c higher at 635. Among the leading issues to record more moderate rises were Capital Markets and Fisher and Paykel, both ,up 4c to 835 and 524 respectively. Dominion Breweries, now 69 per cent owned by Magnum and the subject of an unconditional takeover offer by that company, rose 3c to 693. Also rising 3c were NZ Forest Products to 425, and Wattle to 655.

Chase Corp, suffered the biggest loss among the top shares, falling 29c to 685. BNZ Finance gave up 16c to 355, as did Judge Corp, to 769 and Renouf Corp, to 649.