COMMERCIAL

Press, Volume LXXXIX, Issue 27048, 25 May 1953, Page 13

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) There was comparatively heavy trading on the Christchurch Stock Exchange during last week. Leading New Zealand shares in particular were popular, and appreciable price advances were recorded. As In the previous week, sound local preferences were in steady demand. In Australia the market was steady In the main, although there were some irregular features. Turnover for the week, with the previous week’s figures in parenthesis, was as follows Government securities, £5200 (£25,690); banks, 470 ( 270); breweries, 950 (200); frozen meat, 300 (8); gas, 100 (150); /^JSJ? rance ’ 300 1 95 ®)! loan and agency, 2000 1525); shipping, 2300 (nil); woollens, nil (100); miscellaneous, 10,087 ( 7943); unlisted, 200 (150). Total, 16,707 (11,306). Interest in Government securities waned, although the turnover was fair. There were fewer quotations and more sellers. Brokers and their clients were no doubt awaiting news of the terms of the new loan. There was a varied turnover In local body debentures, the best for some time. The longer-dated debentures were priced to give a yield of about 44 per cent. National Bank of New Zealand eased to dealings at 645. National of Australasia were firm in business at 26s 3d. Buyers for New South Wales advanced their offers. New Zealand Breweries were active in dealings at 39s 9d and 40s. Ballins remained unaltered in trading at 22s 3d. Dominion Breweries, which have been off uie local market for a considerable time, improved in dealings in the north. New Zealand Refrigerating paids improved further to sales at 335, but the company's contributings were largely neglected. Steady quotations obtained for canterbury ordinaries. Southlands advanced 6d to dealings at 60s 6d. South British Insurance were steady in sales at 51s and 51s '3d. New Zealand improved to sales at £5 16s 3d. Nationals were fractionally firmer on quotation. New Zealand Guarantee Corporation improved to dealings at 2s 2d. National Mortgage A had light business at 7s 9d, with further buyers thereat. Northern Steam were active in the shipping section and made sharp advances early m the week, when they rose Is to sales at 10s 3d, and later they were traded at Ils. Woollens remained firm and Inactive, btjyers being largely off the market. There was heavy trading in miscellaneous stocks. Broken Hill Proprietary were active in dealings at the unchanged rate of 355. British Tobacco recovered to sales at 28s 9d. Colonial Sugars, ex dividend- were steady in sales at £36 ss. 1.C.1., A., N.Z. ordinaries had a heavy turnover for this class of stock at 29s 9d. Woolworths, Ltd., rose during the week from 13s lid to 14s 2d. Dunlop Rubber had their first local dealings for some time when a sale was recorded at 24s 6d. Fetcher Holdings, after early business at 27s 7jd, Improved to sales at 28s and 28s 4Jd cum dividend, and the “B” preferences sold 6d up to 21s 6d. Reid New Zealand Rubber preferences had a moderate turnover at the unchanged rate of 17s 3d. William Cable Holdings were fractionally firmer at 26s 3d, and the company’s new shares sold at 25s 9d. Aulsebrook preferences were unchanged in dealings at 2s 4d. as were Humes New Zealand preferences at 21s 6d. Turnbull and Jones ordinaries, which have been absent from the sales list for some time, sold at the firm rate of 36s 6d. The company’s new shares had business at 355. In line with easier quotations. Booth Macdonald ordinaries dropped sharply to dealings at 4s 3d. Tip Top Ice gave ground to sales at 17s 7Jd. J. J. McCaskey preferences had their first local business for some time to sell at 17s 9d. Otago Daily Times sold Is up at 44s 6d. Woolworths New Zealand continued to advance with sales at 19s, with buyers' demands unsatisfied. There was a moderate turnover in McKenzies at the unchanged price of 13s 9d. Carbonic Ice had slight business at 60s — this stock is not often traded.