SHAREMARKET Prices mixed with firmer bias in active trading

Press, 13 April 1989, Page 25

SHAREMARKET Prices mixed with firmer bias in active trading

The New Zealand sharemarket lost some ground in the afternoon after an encouraging start and in spite of good news from Wall Street and early trading in Australia. The Barclays index of industrial shares was virtually unchanged at 1857.02, up 0.14 points, while the NZSE gross index rose 0.72 points to 697.15. However, this index was 0.89 points higher at the close of the morning session.

At the end of the oay rises and falls were almost in balance. Trading was quite active, with 17.8 million shares changing hands for $19.7 million — an average of 111 c a share. The average was brought down by the sale of 6 million Coronet Far East options, at 1c each. Other large parcels wer 4.1 million Wormaid shares, 1.3 million Brierley Investment shares, and 1.1 million NZI Corporation shares.

Wormaids parent company Wormaid International announced yesterday that it was increasing its bid to 162, from 145. The shares closed at 148. Fletcher Challenge and Brierleys both closed off their day’s highs: FCL slipped 1c to 488 and BIL 2c to 145. NZI Corporation, down 1c to 44 in the morning, closed 1c higher at 46. Mr Jim Preston, of Hamilton Hindin Greene, said that the market

started firmer with some offshore institutional interest. “The Wormaid offer was increased with an escalation clause that allows the increase to previous acceptors of the offer, but only if they sold through the nominated broker, Doyle Paterson. “Private clients are still quiet, but on the whole the market was humming along, with evidence of a better tone,” Mr Preston said.