COMMERCIAL

Press, Volume LXXXIX, Issue 27096, 20 July 1953, Page 13

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Turnover on the Christchurch Stock Exchange last week was fairly substantial but not as heavy as in recent weeks. Price rises again exceeded falls, and a general air of buoyancy prevailed. In Australia an upward trend was evident, but it tapered off a little towards the end of the week. Turnover fop the week, with the previous week's figures in. parenthesis, was as follows:—Government securities, £3040 (£1720); banks, 7098 (1560); breweries, 700 (1050); frozen meat, nil (500); insurances, 800 ( 550); loan and agency, 100 (3072); woollens, 700 (MOO); miscellaneous, 6075 (16,754); mining, 500 (200); unlisted, nil (710). Total, 16,073 (24,786). Only light business was transacted in Government securities, and most offerings were quickly absorbed. Quotations for the new loan were made for the first time, with buyers offering £9B, but no sellers offered.

A feature of the week was the heavy, trading in Commercial Bank rights, which moved up from lid to Is 3d, with reported sales on Friday at Is 4d. A. and N.Z. Bank improved to business at 32s 6d. New South Wales eased fractionally to dealings at £32 2s 6d. National of New Zealand were unaltered in sales and buyers at 645. ,

New Zealand Breweries sold freely and unaltered at 395.

New Zealand Insurance firmed to dealings at £5 19s but, on the announcement of an unchanged dividend, receded to sales at £5 17s. South British gained sharply in a sale at 555, but quotations were easier at the close, doubtless in sympathy with New Zealand’s market. Nationals improved to business at 23s 6d, with later buyers at 23s 7d.

Business was very light among the loan and agency stocks. A small parcel of C.F.C.A. preferences changed hands at 62s 6d. Wright, Stephenson ordinaries had a transaction at 58s 6d.

Felt and Textiles (Australia) sold at the slightly improved price of 245, and Felt and Textiles (N.Z.) were traded unchanged at 30s. Korma preferences sold unchanged at 15s. Practically all woollen shares were firm.

Among the miscellaneous stocks, New Zealand Forest Products sold unchanged at 12s. Norvic Shoes lost ground to sell at 18s. D.I.C. sold unaltered at 23s 9d, as did Fletcher Holdings at 29s 6d. Woolworths, New Zealand, after early business at the reduced price of 19s, recovered to sales at 19s 2d. Woolworths New Zealand Properties preferences sold unchanged at 22s 6d. Macky Logan, which are seldom traded locally, were sold at 32s 6d. Reid Rubber ordinaries were 6d firmer in a sale at Ils 9d, and the preferences also sold to greater advantage at 17s 9d. Tip Top Ice were lightly traded at the better price of 18s 9d.

Woolworths, Ltd., after selling unchanged at 14s 4d, Improved to business at 14s 6d and 14s 7d. 1.C.1. ordinaries sold unchanged at 30s. B.H. Prop, continued to advance in sales from 35s 9d to 36s 6d. Coles firmed to transactions at 15s 9d. Mt. Lyells sold unaltered at 15s 6d.