SHAREMARKET Enthusiasm wanes

Press, 28 December 1989, Page 19

SHAREMARKET Enthusiasm wanes

The sharemarket firmed slightly on low turnover yesterday after an optimistic start to post-Christmas trading. Rises outnumbered falls 16 to 13 on turnover of 1,898,935 shares for a total of $3 296,512. Overnight, the New York Stock Exchange, trading on Boxing Day, share prices eased on light trading. The Dow Jones industrial index eased 2.13 points on sales of 77.61 million shares.

The Australian sharemarket finished firmer, with the all-ordinaries index up 7.4 points at 1651.8. Shares followed bond prices for much of the session. These fell because of an increase in a key Japanese interest rate and because of higher American oil prices after shutdowns of refineries. Mr Tony Norbert-Munns, of Egden Wignail and Company, said the Stock Exchange opened in the morning full of enthusiasm, the Barclays Index rising 18 points to 1998 during the call. It closed off the highs at 1992, up 12 points for the morning. Australia opened with less excitement, which did not help the

afternoon call in New Zealand. The Barclay’s index weakened to close only five points up at 1985 for the day, Mr Nobert-Munns said. Brierley Investments edged 2c back to 196, after falling under 200 c three weeks ago. The Bank of New Zealand, which topped turnover with the sale of more than 300,000 shares, firmed 3c to 107. Fletcher Challenge eased 3c to 424. It began the month at 432, and has not reached this again despite its successful bid for U.K. Paper. Hot on the heels of news that the ANZ Bank is selling its French retailing business, ANZ shares in New Zealand jumped 25c to 790. ANZ shares rose Aust6c to Aust6o6c in Australia. The shares of New Zealand Refining, which runs the Marsden Point refinery, rose 18c to 378 The issue was at 410 after going ex the 15c dividend. The issue began the year at 300. In their first price moves for a month, Spectrum Resources, the goldminer, fell 3c to 16c and Summit Gold firmed 2c to 5. Steel and Tube, which owns 25 per cent of New Zealand Steel through Helenus Corporation, firmed 1c to 146.