COMMERCIAL

Press, Volume LXXXVI, Issue 26220, 18 September 1950, Page 8

COMMERCIAL

STOCK EXCHANGES

WEEK’S TRANSACTIONS REVIEWED

(By Our Commercial Editor.) A moderate-sized turnover, slightly down on that of the previous week, was recorded on the Christchurch Stock Exchange last week. An appreciable portion of the businfess was in chain stores and preference shares. A strong demand continued for all sterling stocks of the better-known Australian leaders. Markets generally in Australia were very firm under the influence of the continuance of high prices at the wool sales. Turnover in Christchurch, at 11,000 shares, was 1005 down on the previous week’s tally. Details, with the figures for the previous week in parenthesis, are as follows:—Government securities, £Bll5 (£8100); bank shares, 530 ( 589); breweries, 400 (100); frozen meats, nil (284); insurance, 150 ( 240); loan and agency, 550 (800): shipping, 1000 (1113); woollens, 160 ( 407); miscellaneous, 6110 (6572); mining, nil (1360); unlisted, 1600 ( 540).

Government securities were -active and prices advanced. Any offerings were quickly absorbed.

There was a fair turnover in banking shares. Unions were traded at £ll 3s 6d to £ll 2s 6d. Commercials rose to sales at 26s 9d and, later, 275. In the breweries section, Ballins im{»roved to sales at 30s 3d. New Zeaands advanced to sales ?nd sellers at 51s. Better buyers were on hand for Westlands.

Only light business was transacted Wn the insurance section. Standards had several sales at the unchanged pride of 93s 6d. The demand was not so evident for South British and New Zealands as' it has been in recent weeks. Among the loan and agency stocks. National Mortgage “B” continued to imErove with sales at 48s. New Zealand oan and Mercantile Agency stock rose sharply to sales at £135. United Building Society were firm with business at 23s 9d. New Zealand Farmers’ Co-opera-tive ordinaries were unchanged with sales at 14s 6d, cum dividend.

Union Steam preferences were unaltered in business at 28s 6d. Buyers for P. and O. moved up to 58s 6d.

Timaru Woollen rights eased to sales at Is 6d, with further buyers at that figure. Steady buyers obtained for Kaiapoi ordinaries and preferences throughout the week.

Moderate business was done in the miscellaneous section. D.I.C. were active In sales 'at the improved price of 345. Dominion Fertilisers advanced to sales at 30s 3d. New Zealand Newspapers had their first local turnover for some time to sell at the firm rate of 565. William Cable also reappeared to change hands at 32s 6d. Booth, Macdonald preferences were unaltered in trading at 15s. Woolworths, New Zealand, advanced sharply to sales at 275. Skellerup Industries preferences were fractionally firmer in sales at 225.

Woolworths, Ltd.’s, rights rose over the week from 15s 6d to 16s, whilst the shares appreciated to 26s 9d. G. J. Coles were active in dealings at 26s and 26s 3d. Colonial Sugar rights advanced to sales

at £3l ss, and the shares were traded at £5B and £5B ss. Electro Zinc ordinaries were firm with sales at 78s fid, and the preference shares had business at 78s. Among the unlisted stocks, Mackintosh, Caley, Phoenix improved to sales at 42s Gd. Whakatane Board Mills preferences were also firmer in trading at 225. Andrews and Beaven preferences were firmer when they sold at 24s 3d. Korma Textiles ordinary shares improved to sales at 13s 3d. Lane, Walker and Rudkin advanced to ex dividend sales at 62s 6d. Scales "C” preferences were steady In business at 8s 6d. Much better quotations ruled for Gadsden ordinaries, whilst the preferences were continually sought at 245.