SHAREMARKET Little movement in dull trading

Press, 16 August 1988, Page 24

SHAREMARKET Little movement in dull trading

The New Zealand sharemarket had a dull day’s trading yesterday, on low volume with little movement either way. It was a little firmer in the morning session, in slack and lacklustre trading, but at the close the Barclays index of industrial shares had slipped 1.86 points to 2012.73 although the much broader-based NZSE gross index was 1.98 points higher at 732.92.

Altogether it was a boring day, with only 6.4 million shares changinghands for $6.8 million — an average of 106 c a share. There were seven rises for every five falls. Mr Patrick Lee, of the Christchurch office of United Sharebrokers, said that local investors remained cautious given the recent financial failures, while overseas buyers continue to look to Wall Street for a guide. As a result the domestic sharemarket

was virtually unmoved.

“Interest rates declined, in response to Reserve Bank comment, and any evidence of a sustained decline in both New Zealand dollar and interest rates would be welcomed by the market,” Mr Lee said.

Most price changes were very small, the 7c fall by Goodman Fielder, to 285, being one of the biggest. This, and the 3c fall by NZI Corp, to 132, were largely responsible for the decline in the Barclays index. Brierleys Investments topped the turnover once again, but only just with a relatively low 637,900 shares. The share was steady at 155. lEP put on 3c to 243 and TKM also 3c to 240.

Fletcher Challenge at 489 and Bank of New Zealand at 168 both edged up Ic, while 2c rises were chalked up by Elders NZFP at 390 and Carter Holt at 155.

Other 2c rises were Fisher and Paykel at 338 and Feltex at 240. Magnum gained 3c to 468. Newspapers were mixed, with Wilson and Horton down 2c to 613, and INL up 1c to 418. Secondliner Triple M had by far the biggest rise, 70c to 330, and 10c gains were scored by Waitaki at 65 and New Zealand Equities at 90.

Rises of 1c were posted by LWR at 88, Wilson Neill at 69, Countrywide at 167, Wellesley at 45, and Kupe Group at 36.

Falls of the same amount were Barclays at 26 and Equiticorp at 79. Leyland Growth put on 5c to 65, and Fernz Corp 3c to 315, while Newmans dropped 4c to 115. September share price index futures traded between 2060 and a close of 2040 — a 28 point premium on the physical index.