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SHARE CLAMOUR

UNAFFECTED BY BUDGET

ALL-ROUND APPRECIATION

Eventful though the week has been, with sensational international news and, nearer home, the impact of the Budget on an expectant community, scarcely a ripple emerged in Stock Exchange dealing in the Dominion. On the contrary, the steady firming trend among all types of securities seemed to be accentuated and a fresh batch of gains had to be recorded, indicating that short supply and heavy demand remain the main influences governing investment business. The feeling in trade and industry is that the Budget has gone off like a damp squib. Where assistance now seemed possible enabling capital expansion and improved production, it is felt little has been done, and the taxation incubus remains. Pressure on the investment market tending to push up prices further is likely to persist until some substantial depletion in funds awaiting profitable employment takes place. That event waits on changes in taxation and import control, but the Budget gives no immediate promise of either. In contrast to the position some weeks ago, banks and insurance issues have been quieter, and quotations generally have shown few alterations. Bank of New Zealand shares continue to bob up and down between £2 9/ and £2 10/, according to investors' fluctuating views on the assets value when the privatelyowned holdings are acquired by the State. « Gilt-Edged Popularity Advances were made in Government stocks of all categories; in fact, some of them were spectacular. When consumer goods become more plentiful a general unloading of war loan holdings may be expected, but in the meanwhile the movement appears to have already started. Despite the falling yield on short and medium-dated issues to a shade over £3 per cent, the return compares more than favourably with that of many market leaders, and some recent heavy deals in gilt-edged suggests institutional buying. This week the turnover in such stocks was very satisfactory for brokers. Peak values dominated the scene in the general investment section, buyers showing particular eagerness for shares in well-established manufacturing industries. For instance, when a seller quoted some New Zealand Drugs, he was able practically to nominate his price, the shares changing hands at £5 6/, compared with a previous high of £5 3/6 and a low of £4 12/3 last year. Department stores also participated prominently in the bullish trend. In this section the 5/ scrip of the Woolworth companies rose to £1 5/6 and £1 5/3—over five times par value. Timber shares have returned to popularity—a sign of the times—while breweries, woollens and non-classified lines all commanded a strong market. Compared with the previous weeks figures, which are shown in parentheses, business was distributed as follows: Government loans, £25,950 (£14,860); -local bodv debs., £500 (nil): banks, 2210 shares (3851); insurance, 165 (300); loan and agency, 230 (225); coal, 100 (nil); gas, 545 (300); shipping, 1433 (1100); timber, 950 (616); woollens, 500 (150); breweries, 788 (1000); miscellaneous, 11,480 (6814).

Trend of the Market The following table gives the prices of various securities a year ago, the current price or nearest quotation, and the yield which, in the case of loans, includes redemption:— BANKS yield on latest Aug. 11 Aug. 10 price 1944 1945 or quote £sd£s d £ s d Commercial .... 018 9 to 18 6 316 3 National, N.Z. .. 214 9 216 6 214 1 New South Wales 37 0 0 35 0 0 3 9 4 New Zealand .. 259 210 0 216 0 MISCELLANEOUS £sd £sd£sd N.Z. Insurance .. 4 10 6 4 18 6 210 9 South British .. 403 496 2 *B A.C.I 2 17 6 2 17 3 2 8 10 Broken Hill Pty. . t2 4 9 2 7 3 2 2 4 Reid Rubber .... 199 112 9 313 3 Mount Lyell .... 111 9 18 0 t Auckland Gas .. 0 8 0 0 7 7>,i 318 4 Fanners' Trading 170 180 311 5 Dom. Breweries .. t2 5 6 212 0 313 1 N.Z. Breweries .. 226 273 336 G J Coles 363 3 12 0 2 15 6 Wilsons Cement . *0 19 2 10 3 IU3 0 Colonial Sugar .. 59 0 0 61 0 0 212 5 Woolworths — New Zealand ..116 156270 Sydney tl 2 0 153 2 76 GOVERNMENT STOCK £sd £sd£sd 1952-55, 4 p.c. .. 106 2 6 105 15 0 3 2 1 1953, 2',2 p.c. .. 95 00 96 00 326 1953-57, 3'/ 2 P.c. .. 102 0 0 102 10 0 3 2 0 1952-55, 3 P.c. . 99 10 0 99 17 6 3 2 0 • Buyers, t Sellers. } Interim dividend passed. SALES COMPLETED Sales completed on the Auckland Stock Exchange at the 3 p.m. call yesterday, with variations from previous sale prices in parentheses, are:—so Union Bank, £8 6/6; 65 South British Insurance, £4 9/6 ( —6d); 345 Auckland Gas. 7/7',i: 200 Dunlop Rubber, £1 7/9 ( + 3d); 100 Henry Jones. £2 16/; 100 M.K. Manufacturers, 8.5; 600 Wooiworths (N Z ) £1 5'6; 400 Woolworths (Syd.). £1 5/3; 150 W. B. Carpenter. £2 4/6; £400 Stock. 194649, 4 p.c, £101 12/6 (+2/6); £1500 Stock, 195051, 214 PC, £97; £200 Stock, 1954-58. 4 p.c, £107 2/6 ( + 12/6). »

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AS19450811.2.8.1

Bibliographic details

SHARE CLAMOUR, Auckland Star, Volume LXXVI, Issue 189, 11 August 1945

Word Count
845

SHARE CLAMOUR Auckland Star, Volume LXXVI, Issue 189, 11 August 1945

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