SHAREMARKET Profittaking mars solid performance

Press, 5 August 1988, Page 20

SHAREMARKET Profittaking mars solid performance

Late profittaking yesterday took the New Zealand sharemarket off the top, and it closed marginally lower after a good performance for most of the day.

Leading shares were mixed, and rises and falls were in balance. The Barclays index of industrial shares slipped 1.78 points to 2069.53, while the NZSE gross index was 0.05 points lower to 747.13, after standing at 747.89 at noon.

Trading was again quite active: 11.4 million shares changed hands for $16.3 million — an average of 143 c a share. There is a trickle of private investors back into the equities market, now that world markets appear to have steadied after the volatility so far this year. But there is still a number of potential sellers waiting in the wings.

Mr Tim Preston, of the

Christchurch sharebroking firm Hamilton Hindin and Greene, said that more profittaking could be expected. “However, the market is looking good. There is strong overseas interest in our international shares, and the market is consolidating at successively slightly higher levels.”

Overseas investors, especially institutions, are driving' the local market. Elders NZFP and Fletcher Challenge in particular have seen keen buying. Fletchers topped the turnover, with 1.7 million shares, which closed 2c up at 498, after reaching 500 in the morning session. The tightly held Elders also put on 2c, to 388; this stock held on to the morning’s gain. Brierley Investments lost 2c to 160, although lEP edged up 1c to 253, and Tozer KM jumped 10c to 235.

Goodman Fielder slipped Ic, to 307. Changes of 2c were the mode. Among the leaders Carter Holt rose that much, to 165, Magnum also to 470, whereas losers by that amount were Wilson Neill at 72 and Waitaki at 48. Rises of 2c were posted by both the newspaper proprietors: INL to 415, Wilson and Horton to 615. Another 2c rise was Magnum, at 470.

On the take-over front EuroNational, the bidder for all the shares in Kupe Group, lost a further 3c to 35, while the target company put on as much to close at 43.

Smiths City Group continued on the recovery path with a further gain of sc, to 70. Rises of 1c were recorded by Transpac at 27, Newmans at 115, Equiticorp at 85, Barclays at 27, and Chase at 119.