SHAREMARKET Investors remain in bearish mood

Press, 25 February 1987, Page 34

SHAREMARKET Investors remain in bearish mood

After a weak morning’s trading prices of some selected leading shares rose in the afternoon to send up Barclays’ index of industrial shares 4.10 points to 3150.73 at the close. However, brokers said that over all the market was flat, and investors’ sentiment remaining bearish. Lack of institutional interest and the need to fund a large number of cash issues would keep the market depressed in the short term, they said. Falls marginally outnumbered rises. The NZSE capital index fell 2.22 points to 1144.92. Volume was again light as 7.5 million shares changed hands for $15.9 million — an average of 213 c a share. The March share price index contract on the futures market closed 30 points higher at 3070 after

opening at 3025 and trading between 3005 and 3074. The close of 3070 is still a discount on the physical index of more than 80 points. “The ■ sharemarket showed a slight improvement yesterday,” said Mr . Ken Stevens, market operator for Harkness and Company, Christchurch sharebroker. “However, as yet there is no definite indication of the direction it will take,” he said. "Bargain hunters are cautiously supporting some blue-chip stocks, but there are plenty of sellers waiting to sell off on any upward movement. “What is needed to give direction to the market is either institutional support, or cash injection through company takeovers, which as yet seems unlikely, Mr Stevens said. Brierley Investments rose 3c to 413, and its locally-traded overseas

offshoots had good gains, lEP 25c to 605 and Tozer KM 10c to 425. Chase Corporation firmed 5c to 550, and Judge Corporation also recovered sc, to 745.