Shares lift strongly again
The sharemarket resumed its surge yestereday. The Barclays index jumped 41.96 points to a new post-crash high of 2362.97. The market this month has now risen 379 points — 19 per cent The market had paused for breath on Friday, with a slight dip in the Barclays index.
Rises outnumbered falls better than four to one yesterday on less volume than last week — 12.3 million shares for a total of $22.9M. Overseas, Wall Street had risen slightly on Friday and Australia firmed modestly yesterday. Tokyo firmed 77.69 points to close at a record for the Nikkei of 35,140.83. Mr Tim Preston, operating partner for Hamilton, Hindin, Greene, said the market’s firmness was a particularly encouraging sign for a Monday. The firming caught some people unawares because the market had closed off a bit on Friday.
Mr Preston believed yesterday’s rise was caused by people trying to pre-empt offshore orders expected today.
“The New Zealand market depends on what is happening on the overseas markets. If there is not much movement there,
New Zealand will most likely go through another period of consolidation before the next up-turn,” Mr Preston said.
Brierley’s topped the market in turnover yet again, 1.5 M shares selling. They closed at 247 c, up 3c on Friday. Carter Holt was also heavily traded; it closed 3c up at 322 on sales of I.IBM. Bank of New Zealand shares were also strongly traded, and closed 7c up at 129. Sales totalled 1.17 M. Fletcher Challenge jumped 12c to 537. These shares are up 82c this month, or 18%. Fernz, the fertiliser and chemical manufacturer, jumped another 30c to 660 on sales of only 12,500. This share has jumped 150 c, or 29.4%, this month. It is up 46% since the beginning of last month.
Mair Astley’s announcement that there would be a loss for the latest financial year led to a fall in the price of its shares by 2c to 195.
Comalco jumped 30c on a tiny trade, and Countrywide jumped 12c to 300. It is up 23% this month. Rights to the Smiths City convertible note issue traded at 18c, in line with the head share’s price.
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Press, 22 August 1989, Page 26
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364Shares lift strongly again Press, 22 August 1989, Page 26
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