MASSIVE buying in Allied Group and Allied Industries shares saw both counters put on huge gains yesterday. Allied Group was the heaviest traded stock, with 37.6 million shares worth $28.5 million changing hands. The volume saw the share price surge 11.4 per cent to 78 cents, a gain of eight cents, or 11.4 per cent, making it the second best performer on the day. Allied Industries shares did even better, gaining 13.7 per cent to close seven cents higher at 58 cents. Brokers said they did not know of any particular reason for the buying. Hongkong China was also actively traded yesterday with $43.6 million shares changing hands. The reason for the heavy trading was that its parent company, Lippo, announced it had granted an independent third party exclusive rights to buy its 72.8 per cent in Hongkong China. The potential purchaser had paid Lippo $50 million pending the outcome of the discussion. The option expires on November 28. If the sale goes ahead, it will require the purchaser to make a general takeover offer for all shares in the company. New listing Logic continued to perform well yesterday, breaking the spell of bad luck that many recent IPOs have run into. The stock gained nine cents to close 5.14 per cent higher at $1.84. Turnover in the stock was also strong at $6.8 million. Shares in disk maker Benelux continued to take a beating, falling six per cent to close four cents lower at 62 cents. Analysts are concerned that its business will also be affected by increased competition for computer disks in the US market and price wars which saw the profit margins of Hanny Magnetics eroded. The worst performer was medicine company Nam Pei Hong, which has been the subject of a takeover offer. The stock fell eight cents to close at 98 cents, a drop of 7.5 per cent. Shares in food company Yoshiya also fell, closing eight cents lower at $1.28. Yoshiya makes biscuits in the mainland as well as operating ice-cream shops in Japan. Earlier this year, its profits were affected by its Japanese operations and an increase in provisions for employee superannuations.
