SHAREMARKET Dull and easy in slack trading

Press, 12 May 1987, Page 52

SHAREMARKET Dull and easy in slack trading

The sharemarket lost ground yesterday afternoon, as leading shares were marked down after trading opened on a firm note in the morning, in dull trading. In spite of the market stand for Wilson and Horton (see story page 49)' and the fact that there were six rises for every five falls, the weight of the market leaders pushed the indices lower. Barclay’s index of 40 industrial shares dropped 2.29 points to 3123.34, and the NZSE capital index slipped 0.42 points to 1119.57.

After losing steadily all last week Brierley Investments fell another 8c to 376, while its offshoots were mixed, with lEP up 15c to 495, and Tozer KM down 20c to 380. Brokers say there is little buying interest to meet normal selling, and Brierley shares have nowhere to go but down. “Brierley shares were heavily sold down by Wellington brokers,” said Mr Simon Flood, of Egden Wignail and Company, Christchurch

sharebroker. “Wilson' and Horton (apparently under siege from an unknown party) has stated its opposition to offshore parties purchasing its shares, and may refuse to register some new owners;” it said in a statement to the stock exchange yesterday. “Generally it was a very quiet day, which saw virtually no enthusiasm by the operators for a firming market This may have set the trend for the rest of the week. Downside for today is more likely,” Mr Flood said.

Magnum also shed 8c to 510, as did Rainbow to 280, while Renouf Corp lost 7c to 268. Down 5c were Troycorp to 145 and McConnel Dowell to 200, and Carter Holt Harvey gave up 4c to 481. BNZ Finance eased 2c to 220, as did L. D. Nathan to 623. Goodman Fielder was 3c lower at 565, OtagoPP 20c to 750, and Ernest Adams 5c to 190..

Against the trend INL put on 15c to 540, Alcan, Anzon, Chase and Fisher

and Paykel each gained 10c to respectively 200, 260, 423, and 520. Lion rose 7c to 645, Montana at 315 and Radio Avon at 130 5c each, while gains of 3c were posted Smiths City Market at 145, Capital Markets at 438 and Feltex at 330.

The Barclay’s mining index rose 2.31 points to 238.91, influenced ■no doubt by shares like Goldcorp, up 3c to 100, L and M also 3c to 135, Oilfields 2c to 27c, Southern Petroleum 5c to 25c, and NZOG and Platinum, each also up 5c to 60 and 95.