Well-earned break from rapid rise

Press, 22 September 1987, Page 38

Well-earned break from rapid rise

The New Zealand sharemarket eased yesterday in a technical earrectian to last week’s soccessiea of records, and most analysts appear to think that it will remain flat for most of this week. The Barclays* industrials index fell 22J7 points to 3ML52, and the NXSJE. capital index gave ep 7-ftl points to 135748 as falls outnumbered rises ten to nine. Trading was active and volume high — 184 million shares changed bands for 5354 million, an average of l*2c a share. There was no negative news yesterday to point the market downwards, tbe fall being regarded as a purely technical correction. One broker told the Press Association that a further correction was expected today and that the Barclays index would not pass 3NB by the end of

the week. (It closed M Friday at 3M845.) “The index really needs to fan at least IN points before any buyers would get very excited,’* he said.

“All observers agree that the market needs consolidation before it win bounce back again. The market took a well-earned break from last week’s seemingly relentless rise, as leading stocks eased into the expected period of consolidation, said Mr Graham Hunt, of the Christchurch

sharebroking firm Lawrence Milton and Howarth. “This consolidation looks likely to continue over the next esepte of days, before tbe traditional market rise ahead of the Brierley profit announcement in early October,** he said. Renouf Corp shares was the volume leader yesterday, with 14 million shares worth $54

nSIiM. Of tbe tkree MMt heavily cayftattae* ©•»- Buies, Fletebe«*c atarec dn*pe4 <e te 74L Brierley* 5e te S2S, bat Gaa«* taaa Fielder yat m 12e te AZ. Wattles gsted 7e te m. Of •fMMets, lEF aad TwerKM betb tott Ide, te MS aed AC. Maiazeal Prayerties imped ISe ta IN tat elaaed at IM after last week’s aew* af aa affer t* sbarebalders af shares la Maiazeal Graap, saaa te relist.

Yesterday’s aew tistiag, tbe Haag Capitalcarp, tad a taraaver af 27AN stare* at its daslag price af M, lie higher ttaa tbe lane price te sharehelder* la Eqafticerp, its pareat campaay. September share price fotare* speaed at NN, and traded ap te NN befare elesiag dawa at 3N2. The September eeetract closes os September 2ft.