SHAREMARKETS Basically steady on low volume

Press, 20 November 1987, Page 22

SHAREMARKETS Basically steady on low volume

Fletchers and Magnum were the only blue-chip industrial shares to shine on a basically steady New Zealand share* market yesterday. Falls outnumbered rises about three to two, but most price changes were small, and trading was dull.

A reasonably high number of shares changed hands — 11.6 million — but the value was only $21.3 million, an average of 97c a share.

Brierley Investments was unchanged, and the small push to Barclays index of industrial shares — up 16.64 points to 2229.50 — owed mostly to a few top tier stocks. Tozer KM fell 5c to 165. “The panic selling is gone and the institutions are beginning to buy cautiously, but everyone is really waiting for the U.S. Government’s budget announcement this week before committing themselves,” one broker said.

In the longer term falling interest rates would also encourage people back into equities as the

yield gap shrank, brokers ln the short Term Brierley Investment's one-for-19 cash issue was depressing the market as investors face a cash call In the next few weeks. Fletchers put on 8c to 439, but Goodman Fielder lost 6c to 385, NZ Forest Products 3c to 347, and Carter Holt 2c te 211

Top tier investment companies were mixed. Equiticorp gained 4c to 162, Kupe Group 9c to 75c, and Capital Markets 8c to 165 c on the back of a favourable report from an Auckland sharebroker, but Euronational lost 2c to 129, Jardens was 3c lower at 195, and James Smiths shed 250 to 616.

Elsewhere, one of the largest falls was Ernest Adams, 39c down to 289; Stevens KMS dropped 33c to 125. Five cent falls were posted by LWR at 119, Lion at 515, and Newmans at 165, while Kearns dropped 16c to 169.

Waltaki and Wellesley each lost 2c, to 153, and 199, while Welgas was 5c lower at 425. Corporate Investments dropped 3c

to 222, Aw InveMtahred, 17*Xwu toM? Advantage tart ie to 4c. by S nfBu l w?!l»*S e teS£ Steel and Tube, aha 5c ta 195, Ceramee, again 5c to 315, whHe Robert Jones Investments rose 4c to land 2c to 135, ment group Como Holdings, Ltd, topped the turnover with L 8 million shares traded. The shares closed down 2c at 16c. $ jemss.’kfjk? their quietest days with only 194 contracts traded. The cantract opened lower at 2156 but followed the physical market up to a high of 2248 before falling back Mr Simon Flood, of the ■ ka flu varisicnurcn snarwro®.ing firm Egden Wignall and Company, said that yesterday’s trading was quiet and uninspired, with extremely low

“The market opened on a steady note and remained so all day, with the prices of market leaders fluctuating no more than one ar twa cents.