Firmer and busier

Press, 30 November 1989, Page 33

Firmer and busier

The sharemarket firmed on higher volume yesterday despite Robt Jones Investments and Fletcher Challenge rights continuing to dominate trading. Rises outnumbered falls, 36 to 22, on the sale of 10,593,569 shares and rights for a total of $13,618,577. The Stock Exchange’s gross index rose 3.39 points to 831.82, and the Barclays industrial index rose 8.12 points to 2071.93. Robt Jones Investments rights topped trading by volume, 1.7 million trading on their last day before closing. They closed 1c firmer at 14c. Fletcher Challenge rights, which stop trading tomorrow, also changed hands in volume: 1.548 million for a total value of $1.929M. Overnight, Wall Street continued its bullish run, the Dow Jones industrial index rising 7.04 points to close at 2702.01. Shares to rise outnumbered those to fall, nine to seven. Australia finished firmer yesterday, the all-ordinaries index closing about seven points firmer. In Tokyo, the sharemarket closed at a new high for the sixth day in succession. The Nikkei index closed 36.16 points higher than on Tuesday at 37,021.46 after touching a new traded high of 37.128 in late trading. The Tokyo market has now risen 1127.88 points, or 3.14 per cent, over six days. “It was a very strong day, with everything concentrated on the large-

capital stocks,” said Mr Yasutoshi Kakiuchi, head of equity sales at James Capel Pacific. Steel, shipbuilding, chemical, and construction companies were targeted. Mr Kerry Porter, client adviser for the Christchurch offices of Forsyth Barr, a sharebroker, said that after a number of days of consolidation good support was evident in the New Zealand market yesterday, most leaders firming. Although volumes remained low, the good two-way business was being conducted. Brierley’s was well bid ahead of today’s annual meeting in Dunedin, while Fletcher Challenge and Robt Jones Investments were keenly sought with rights trading in these issues nearing the end, he said. Fletcher Challenge head shares firmed 5c to 430 on the sale of 350,000 and Robt Jones shares firmed 2c to 115. Wilson and Horton, the newspaper publisher, firmed 10c to 870 suggesting its Monday closing price of 425 c was the bottom of a dip. Brierley Investments continued its slow rise since Friday, adding 1c to 217. Its Hong Kong-based international arm, Industrial Equity (Pacific) firmed 3c to 253. Elders Resources NZFP rose 4c to 252 on strong sales (529,378 shares). The ANZ Banking Group firmed 10c to 730 after a 7c gain on Tuesday.