SHAREMARKET Selling pressure after firm start

Press, 6 October 1987, Page 48

SHAREMARKET Selling pressure after firm start

Sharp rises by a couple of market leaders pushed Barclays index of industrial shares up 27.13 points to 3832.77, hut apart from that the market was dead, with selling pressure developing in afternoon trading, and most brokers predicting an easy market for the remainder of the week.

Falls outnumbered rises about eight to seven, as 11.4 million shares changed hands for $28.7 million — an average of 235 c a share. The NXS.E. capital index rose 548 points to 131845.

Fletcher Challenge and Brierley Investments gained 3c each to 781 and 588, NZ Forest Products put on 5c to 488, and NZI 2c to 381. Goodman Fielder, up 28c to <25,

and its prospective merger partner, Wattle Industries, up 38c to 788, did most to move the indices, both in response to recommendation from an Australian broking house. “The sharemarket

opened trading this week on a firm note but there was no drive behind it as has been seen recently,** said Mr Guy Spooner, of Marshall Equities, Ltd. “The major stocks to move yesterday were Goodman Fielder, Wattle’s, lEP, and Robert Jones Investments.

“The market generally looks in good shape, but we would not be surprised to see prices drift round present levels for the next two or three days until new developments arise,** Mr Spooner said.

Other good rises were posted by Richmond, 28c to 248, Cable Price Downer 15c to 353, Lakeland also 15c to 75c, and 18c each by Radio Avon to IM and Skeggs to 158. Allied Properties, under take-over offer from Cor-

porate Equities, Ltd, of Australia, valued at 144 c, rose 23c to 158 yesterday.

Robert Jones Investments rose 2c to 388, Progressive 3c to 375, Rainbow was <c higher at 2M, Feltex 5c to 428, Petrocorp 2c to 177, and Bank NZ also 2c to MX

But a good deal was downhill: Carter Holt at 441, Equlticorp at 382, Ceramco at 812, Corporate Investments - (325), Renouf Corporation (287), and Smiths City (145) all lost 3c, while 2c losses were chalked up by Lion, at 728, and Wilson Neill, at 155.