SHAREMARKET Rally continues in heavy trading

Press, 4 August 1987, Page 42

SHAREMARKET Rally continues in heavy trading

The New Zealand sharemarket began the week continuing the bullish trend evident last week, with prices rising sharply in very active trading. There were 10 rises for every three falls, and 16.8 million shares changed hands for $33.3 million — an average of 200 c a share. In spite of the exceptionally high turnover there were still more buyers than sellers, with the former continuing to concentrate on the same leading shares that have been prominent among the rises these last few weeks.

The NZSE capital index rose 26.45 points to 1213.18, and Barclays index of 40 industrial shares jumped 81.91 points to 3563.05.

Cable Price Downer topped the turnover with 1.2 million shares traded worth $4 million after

Brierley Investments said it had taken its CPD stake to 38.34 per cent by buying 6,021,137 ordinary shares at prices between 300 c and 310 c for a total cost of $20,304,935. Brierley Investments rose lc to 465, with its Hong Kong subsidiary 5c higher at 580; however, Tozer KM, the U.K. offshoot, was down 5c to 360.

Fletcher put on 9c to 630, while Carter Holt jumped no less than 16c, to 451. Feltex gained 12c to 367, Ceramco 18c to 550, and NZI, which began its banking activities yesterday, was up 11c at 250. Progressive Enterprises was 18c dearer, at 370, and Wilson Neill 14c higher at 184. - Rises among the investment stocks were a little more modest, with the exception of Renouf Corporation, 28c up to 255, Chase, 15c to 425,

and Kupe group 25c to 210. Judgecorp gained 10c to 460, Capital Markets, New Zealand Equities and Rainbow. 7c each to 407 222, and 235, Equiticorp and Kearns Corporation both sc, to 447 and 205, and Euronational 4c to 362. September share price futures traded quietly, opening at 3635 and trading between 3626 and 3677 — closing at 3675. “The market continued its aggressive rally yesterday, as again leading stocks rallied further, across the board,” said Mr Graham Hunt, of the Christchurch sharebroking firm, Lawrence Millton and Howarth. “Sellers were notable in their absence with many unsatisfied buyers, and many prices closing on or near their highs for the day. This augurs well for the market, at least for the remainder of the week,” he said.