SHAREMARKET Offshore interest keeps index up

Press, 25 August 1988, Page 28

SHAREMARKET Offshore interest keeps index up

Once again the New Zealand sharemarket opened on a weak note, and firmed during afternoon trading in response to demand for domestic shares from offshore. Although the Australian Federal Budget received but a lukewarm reception from Australian investors, they continued to nibble at New Zealand shares. There were a few more rises than falls, and the Barclays index of industrial shares firmed 0.90 points to 2031.10, while the N.Z.S.E. gross index closed 0.57 points higher at 737.22. Trading was fairly active, with 11.6 million shares changing hands for $10.6 million — an average of 92c a share. The volume was boosted, and the average price dragged down, by the sale of 4.5 million Agland shares at 37c, down 3c on the day. Mr Patrick Lee, of the Christchurch office of United Sharebrokers said that the market was very quiet, with mixed prices among

the leaders resulting in a nominal rise in the Barclays index. “Special and nonmarket sales in our international stocks continue to account for a large part of turnover levels, with the recent currency depreciation no doubt an incentive. Australian buyers were again active. “The Fletcher Challenge announcement of a predicted record profit and second interim dividend was well received. The share price rose to 504 c,” Mr Lee said. Among the market leaders Fletcher Challenge put on 6c to 505, Brierley Investments was unchanged at 153, Goodman Fielder lost a further 2c to 294, Elders NZFP slid 6c to 380, and NZI Corporation •was steady on 132. Lion Nathan fell 2c to 260 but Carter Holt Harvey rose by the same amount to 160. Chase Corporation slipped 1c to 115, and Equiticorp dropped 3c to 74. Banks were firm, Bank of New Zealand up 1c to 169 and Countrywide 3c higher to 180, although ANZ Banking Group rights

shed 4c to 128. Financiers and entrepreneurs were mixed, as were property investors. Capital markets slipped 1c to 124, but Euronational at 38 and Renouf Corporation at 22 gained 2c each, while Kupe at 35 and BNZ Finance at 191 both edged up Ic. Robert Jones Investments slipped 1c to 111, Landmark the same amount to 20, Mayfair was 3c lower to 30c, but Wellesley edged up 1c to 45 on the sale of 164,400 shares. Among the rises were noted 3c gains by Ceramco at 158 and Newmans at 118, INL up 2c to 425, and 1c advances by Magnum at 468, Fisher and Paykel at 333, Steel and Tube at 120, and Feltrax at 245. The biggest movements, all of them falls, were made by some less-frequently traded stocks. PDL lost 40c to 100, with the chairman, Sir Robertson Stewart, saying that he knew of no reason for this decline. Producorp slumped 25c to 15, NZSki 22c to 78, StevensKMS 11c to 37, and Interpac 10c to 30.