Market up again

Press, 28 July 1989, Page 16

Market up again

the sharemarket continued to rise yesterday on the eve of the Budget announcement The Barclays industrial index rose 17.8 points, closing at 1978, its highest for about 10 weeks. The rise follows good performances by overseas sharemarkets. Wall Street returned above 2600 points on the Dow Jones industrial average overnight with a 29.97-point rise. The Australian market was strong yesterday, the allordinaries closing 10.5 points up at 1628.2 after being at 1638 earlier in the day.

In Tokyo, there was a surge of buying taking the Nikkei index 269.45 points to a record high of 34,785.28 at the close. In New Zealand, rises outnumbered falls, almost three to one. Brierley Investments led the action, more than 2M shares selling and closing 2c up at 192. Fletcher Challenge rose 2c to 461. Mr Tim Preston, of Hamilton, Hindin, Green, said the market continued to be bullish. The Budget did not hinder trading yesterday. The poor results from

Christchurch’s Smith City Group and Paynter Corporation were offset by the good profit of Fernz Corporation, Mr Preston said. Fernz was also optimistic about the current year. More than IM shares in Corporate Investments which has taken over Newmans, sold at 191, up 2c. Wilson and Horton, the newspaper publisher, rose another 7c to 722, bringing its rise for the month to 94c, or 13.8%, and the rise for the year to 167 c (30%). ICI New Zealand, under a bid by its Australian parent of 310 a share, rose 14c to 300.