COMMERCIAL

Press, Volume LXXXV, Issue 25936, 17 October 1949, Page 8

COMMERCIAL

STOCK EXCHANGES

WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.)

Business was not very sipirited on the Christchurch Stock Exchange during the week, and at times it was hard to account for the listlessness which prevailed. In Australia, firm prices obtained for all shares, and the turnover appeared to be considerable.

Turnover in Christchurch at 9443 shares was 8983 below that of the previous week. Details, with the previous week's business in parenthesis, are as follows:—Government stocks, £3055 (£2470); bank shares, 10 (49); breweries, 100 (nil); frozen meats, nil (250); insurance, nil (450); loans and agency, 600 (682); woollens, 350 ( 330* miscellaneous, 6713 f 14,865); mining 1070 (1000); unlisted, 600 (800).

The Government securities section was slightly more active than in the previous week, but prices reflected the recent easing tendency in quotations.

Apart from the fact that Bank of New South Wales were firmer when they sold at £36 15s, the banking section was life-

The breweries section was not very active. New Zealands registered a fractional drop to sell at 43s 9d, and sales elsewhere in the Dominion took place at 43s 6d. Ballins sold Sd down at 30s 3d.

Firm buying offers obtained for all freezing companies’ shares, with very few sellers appearing.

In the insurance section, better buyers obtained for Nationals, but quotations for other stocks were largely unaltered from those of the previous week. South British became ex dividend of Is 6d at the end of the week.

The loans and agency section was not productive of much business, but inquiry was strong, C.F.C.A. ordinaries, which have been missing from the sales list, of late, had business at 26s 6d. Dalgetys were fractionally firmer with sales at 10s.

In the woollen section, Felt and Textiles. New Zealand, which until recently were inclined to sag in price, recovered a little ground in sales at 34s 6d, and more were wanted at 34s 9d. Felt and Textiles of Australia improved on quotations to buyers at 39s 6d.

Turnover in the miscellaneous section was appreciably down on that of the previous week. Broken Hill Proprietary lost ground to sell at 43s 3d. These shares, however, were firm in Australia. No other Australian shares in the miscellaneous section were traded locally during the week. Fletcher Holdings were moderately active at the unaltered price of 30s 3d, but better buyers were in the offing at the close. Berlei, New Zealand, were fractionally better with sales at 23s Bd. Silknit, New Zealand, made a belated appearance on the sales’ list to be traded at 25s 6d. Woolworths, New Zealand, were unchanged in business at 23s 9d. William Cables, which have not been on the local sales list for some time, changed hands at 325. Macduffs, Ltd., were again active—not to the same extent as the previous week—with early sales at 12s 6d. but later the market relapsed to sales at 12s. Mahng preferences, cum dividend, had a small turnover at 21s. Skellerup preferences sold 2d down at 21s 6d. Sellers of Whitcombe and Tombs had to concede 3d to effect a cum dividend sale at 225.

Business in the mining section was confined to Australian stocks, although there were plenty of quotations, mostly wide apart, in New Zealand stocks. Mt. Morgans had several transactions at the unaltered rate of 14s 3d. Broken Hill South were fractionally firmer, with business and buyers at 475.

Tn the unlisted section. Whakatane Board Mills ordinaries had sales at 18s 6d. Ordinary shares in Korma Textiles found new owners at 13s.