Strong interest in BIL from overseas

Press, 2 June 1989, Page 14

Strong interest in BIL from overseas

Shareprices picked up on the New Zealand stock exchange yesterday, although in later trading they came off the top.

Once again, our market volume was relatively low, with most of the gains attributable to currency adjustments after a further weakening of our dollar against the Australian one.

In the afternoon enthusiasm was tempered by a weaker Australian sharemakret, and buying support disappeared. The Barclays index of industrial shares recovered 7.53 points to 1905.66, while the N.Z.S.E. gross index came back 1.91 points to 700.21. However, this index stood at 702.45 at mid-session. The June Barclays share price index futures contract closed 15 points higher at 1915, 10 points above the physical. Turnover in Brierley was a healthy $6.1 million, on 3.8 million shares, most of which were traded off-market. They gained 2c to 163. Overseas interest was also evident in Carter Holt Harvey, which edged up another cent to 250. Rises outnumbered falls four to three,

as 10.3 million shares changed hands for $17.4 million — an average of 168 c a share.

Brierley accounted for a third of the market’s total trade, with Chase Corp also well represented by volume.

Just over a million Chase shares were crossed, most above the closing price of 31, down 1c for the day. Other leaders to pick up included Goodman Fielder Wattie, rising 3c to 300, Elders Resources NZFP, 2c to 308, Magnum Corp, 3c to 385, Wilson and Horton, 5c to 660, while Fisher and Paykel at 405 and Fletcher Challenge at 478, both edged up Ic. Renouf Corp recovered 2c to 7 after the company said it was discussing with its bankers loan renewals on SII2M of debt due on June 30. The Stock Exchange had queried the company on Wednesday’s price drop from 9c. Elsewhere among the leaders Robert Jones Investments at 94 and lEP at 269 also crept up 1c each. Lion Nathan went against the trend with a 4c cut to 296.