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SHAREMARKET Barclays index at two-year low

The sharemarket drifted down further yesterday, in more active trading. The Barclays index of industrial shares fell 8.74 points to 1926.66 — a mark first reached two years ago, on February. 4, 1986 — while the N.Z.S.E. capital index slipped 3.09 points to 681.61, a new all-time low. (This index began on July 1, 1986 with a base of 1000). Falls outnumbered rises about 9 to 4, volume was higher than of late as 10.1 million shares changed hands for $lO.l million — an average of 100 c a share. Sharebrokers said that because of the Auckland Anniversary Day holiday next Monday lacklustre trading would continue for at least a week. “Neither the institu-

Cheque fraud Two former executives of a Hong Kong bank have denied charges of conspiring to defraud shareholders of SUSI2O million (SNZIBI million), court officials said. Lee Hoikwang, aged 45, and Wai Yucheng, aged 38, formerly of the Hong Kong Lung Bank, denied conspiracy in a wideranging cheque fraud. Court officials said they denied the charges at a preliminary hearing and allowed bail until their trial began in February. Sterling bid The Swiss pharmaceutical firm, Hoffman-La Roche, has raised its take-over bid for Sterling Drug again on Thursday, to about $U54.65 billion from the previous $4.4 billion. The new bid, the third by Roche, follows a recent buildup of anti-take-over measures by the New York-based Sterling. Roche, which has United States offices in Nutley, New Jersey, announced its new bid — $Bl a share — early on Thursday morning. Sterling had no immediate comment. Fiji dollar Fijian Reserve Bank Governor Savenaca Siwatibau said it was possible Fiji would revalue its dollar to near precoup levels, commercial radio “Suva FM96” said. But Mr Siwatibau told the radio station any revaluation would be done in stages with the dollar strengthening slightly each time. He said he had received pleas from business people for the strengthening of the Fiji currency.

tions nor private clients are doing anything. There’s very little buying or selling interest and no corporate news of any significance to move the market,” Jarden and Company, the Wellington broker, said. Newmans Group topped the turnover with 2,584,653 shares crossing, mostly off-market transactions. Newmans share price fell 3c to 112. Newman’s 49 per cent shareholder Rada Corp became the subject of an inquiry by the Registrar of Companies, the Minister of Justice, Mr Palmer confirmed yesterday. Rada’s shares fell 1c to Bc.

Equiticorp announced that its chairman, Allan Hawkins, had exercised his option to buy back the Equiticorp scrip

issued to the Government for the purchase of its 89 per cent of NZ Steel. Equiticorp’s share price fell 3c to 143.

Brierley Investments lost a further 2c to 149, while I.E.P. gave up 4c to 136 and Tozer KM dropped 5c to 195.

L. D. Nathan lost 3c to 605, and Wilson Neill 5c to 65, while the media groups INL and Wilson and Horton both also fell 5c to 390 and 506.

Lion Corp firmed 1c to 616, NZ Forest Products also 1c to 302, and Waitaki 2c to 120.

March share price futures contracts opened sharply lower at 1830 but quickly rallied to a high of 1889 before closing at 1865, with only 10 contracts traded.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19880127.2.133.18

Bibliographic details

Press, 27 January 1988, Page 35

Word Count
541

SHAREMARKET Barclays index at two-year low Press, 27 January 1988, Page 35

SHAREMARKET Barclays index at two-year low Press, 27 January 1988, Page 35