SHAREMARKET Bargain hunters move in

Press, 20 May 1987, Page 38

SHAREMARKET

Bargain hunters move in

Bargain hunters moved into the sharemarket yesterday, and stimulated a modest recovery, in quiet trading as rises outnumbered falls by a small margin. The general price level recovered about one third of Monday’s slump. Barclays index of 49 industrial shares regained 67.86 points, or 2.4 per cent, and the N.Z.S.E. capital index was 17.86

points higher, to 1937.43 — up 1.8 per cent The discrepancy between the two indices arises no dbubt from the fact tbat the. major entrepreneurial , stocks, heavily weighted in Barclays’ index, fared relatively best These stocks, were hard hit on Monday. The average 7.7 million shares changed hands for $14.8 million —

average 192 c a share. However, trading remained nervous; most buying interest came from small investors who were attracted by what they saw as historically good prices. “Monday’s dramatic fall was halted and partly reversed, as the Barclays index recovered 68 points,” said Mr John Hutchinson, of Anderson Reid and Com-

pany, ; Christchurch sharebroker. “Buyers returned in volume to take advantage of stocks that appeared to have been oversold. “Although the market firmed it may take a few sessions before any definite trend develops,” Mr Hutchinson said. Brierley Investments appeared to be the prime

beneficiary, topping the turnover table with a trade of 969,999 shares. Sales were made between 315 and. 348 c, the closing price of 331 putting Brierley up 11c for the day. ' ~' Fletcher Challenge, which had weathered this year’s market slide better than other leaders until losing 15c yesterday, recovered 19c to 549 c.