SHAREMARKET Active but easier
The two shares that have done most yesterday to move the Barclays index did so again yesterday as Brierley Investments lost 4c to 542, and Fletchers 3c to 737.
The Barclays’ industrials index fell 18.88 points to 3888.47, but the NZSE capital index slipped only 4.22 points to 1333.82. There were five falls for every four rises, and turnover was again heavy: 14.4 million shares worth 335.2 million — an average of 224 c a share. Altogether the four leaders by volume accounted for almost 44 per cent of trading. Brierley was fourth among the volume leaders, with sales of 1.2
million shares. Como came first, with 1.8 million, and Aden was third with 1,5 million traded as the redistribution of this company’s shareholding continues its heady pace.
NZ Forest Products was the second-heaviest traded stock (almost 1.8 million worth 3> million) as it eased 1c to 544. More than 838,444 were priced at 545, the price being offered by a mystery buyer to outbid FCL and Rada.
Mr John Hutchinson, market operator for Anderson Reid and Company, Christchurch sharebroker, said that the top-line stocks appeared to be consolidating their positions yesterday.
The leading issues did not move and the heat was transferred to the second-line shares, with them catching up in price.
Interest centred on Smiths City Market because of its “don’t sell” notice, and Waitaki International moved up sharply in the afternoon call on rumours that Wattle was going to launch a take-over bid, he said.
Most falls were small, the two largest among the leaders being L. D. Nathan down 15c to 741 and Lion 13c lower at 732.
Bank of New Zealand stood out among the rises by jumping 13c to IM. Smiths City Market Group put on 15c to 178
after a *dea*t atlT waning sayiac aegatiatieaa were la train that might affect the value af the shares. The" campaay** chief executives are in Auckland and unavailable for cammeat
Other rises to catch the eye were Eaergycorp up 3c to 348 oa news that It has bought a large shareholding in Les Mills, which In turn jumped 28c to 82. Energycorp’s associate, Epicorp rose 8c to 185.
Rumours that Wattles is about to make a full take-over bid for Waitaki International were responsible for the largest rise of the day as Waitaki jumped 28c to 2M after selling as high as 285. £
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Press, 11 September 1987, Page 9
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400SHAREMARKET Active but easier Press, 11 September 1987, Page 9
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