COMMERCIAL

Press, Volume XCI, Issue 27642, 26 April 1955, Page 16

COMMERCIAL

STOCK EXCHANGES

WEEK’S BUSINESS REVIEWED (By Our Commercial Editor.) Last month’s turnover on the Christchurch Stock Exchange was heavy, particularly so when allowance is made for the process of settling down after the Easter break. Markets were firm. In Australia the leaders in the main held their ground and come notable gains were made by some shares. In London Dominion stocks showed little alteration. Details of sales on the Christchurch Stock Exchange, with the figures for the previous week in parenthesis, are as follows:—Government stock, £6050 (£8150); local body and company debentures, £3OOO (£1300); bank shares, 1910 (10); breweries, 1000 ( 225); frozen meat, 1235 (150); gas, 400 (nil); insurance, 750 (405); loan and agency, 3525 (400); shipping, 1200 (3300); woollens, 600 ( 250); miscellaneous, 16,757 (10,031); mining, nil (400); unlisted, nil (1400); total, 28,083 (10,662). Government stock was only moderately traded, but the tone of markets was completely changed from that immediately preceding the Easter vacation. Buyers appeared for all issues and the few offerings were quickly absorbed. Prices were firmer.

Banks were fairly busy. Commercial of Australia were firmer in business at 15s lOd, and buyers were unsatisfied. A. and N.Z. sold at 32s 6d, but in the north business was written at 335. National of Australasia paids had light business at 28s Id, but the contributings were more actively traded at 16s 6d and 16s 9d. Although no local sales were recorded in New South Wales, quotations were firmer and sales in the south took place at the improved price of £32 15s. New Zealand Breweries sold unchanged at 50s at which figure they appeared to have steadied. Dominions had sales at the improved price of 91s 6d. Frozen meats were active. C.F.M., which have not been traded of late, changed hands at £24 10s. N.Z. Refrigerating contributings were steady in business at 245, and the paids were also unchanged at 48s. Southland Frozen Meat sold unchanged at 60s. A small parcel of South Otago sold unchanged at £6 15s. Christchurch Gas paids improved to dealings at 16s 9d. Auckland Gas had their first local business for some time to sell at 5s 6d.

New Zealand Insurance improved to dealings at £6 16s 6d and £6 17s. South British were fractionally easier in ex dividend business at 61s.

Among the loan and agency stocks New Zealand Farmers’ first preferences had light business at the firm price of 15s 3d and the A preferences were also lightly traded at 14s, with sellers prepared to continue. New Zealand Guarantee CorKiraton rose Id to sell at 2s 4d. National ortgsge A were freely traded at the unchanged price of Ils. Union Steam preferences were active throughout the week at the very steady price of 255. A In the woollens section Tekau Ordinaries were lighter traded at the unchanged price of 25s and the preference shares showed no movement in business at 21s. J*4anawatu Knitting Mills, which are constantly quoted but seldom traded, sold at 90s. Bonds Hosiery had sales at the unchanged price of 70s. Nearly 17,000 shares were traded in the miscellaneous section. Aulsebrook preferences (new) sold unchanged at 21s 9d. After early sales at 20s and 20s 3d, McKenzies rose sharply to sales at 21s and 21s 6d. This company’s payout for the year increased by 2% per cent. New Zealand Newspapers sold unchanged at 335, representing a modest yield of 3 per cent. Tasman Pulps had their first dealings in the listed section at 12s 5d and 12s 6d. Chas. Begg improved sharply to sell at 565. Hay’s, preferences, sold unchanged at 21s 9d. Nivens eased to sell at 48s. Evans Atlas returned to the sales list at 17s 6d, and there were further buyers at the same price. Tip Top Ice were active in dealings at 19s 6d. Woolworths, New Zealand, after selling unchanged at 19s 3d, improved to dealings on an active market at 19s 6d. Booth, Macdonald eased slightly to sell at 5s 3d. Dunlop, New Zealand, eased to dealings at 21s 6d, and subsequently sellers were prepared to accept less. Gadsden, New Zealand preferences, eased fractionally to sell at 21s 9d. Ross and Glendining sold unchanged at 375. Beaths had their first ex dividend business at the firm price of 54s 6d. An odd lot of Dominion Buildings sold at the easier price of 10s 3d. D.I.C. preferences sold unchanged at 23s 6d. Fletcher holdings eased to sell at 41s 6d. Frozen Products were steady at 7s 6d. New Zealand Forest Products scored a good rise in trading at 14s 3d and 14s 6d, with buyers prepared to continue at the higher figure. William Cable Holdings confirmed recent easier quotations to sell at 31s 6d. Dominion Fertilisers returned to the sales list at 41s 3d, as did Milburn Lime at 275.

Among the Australian securities. Colonial Sugar improved to dealings at £32 17s 6d. Broken Hill Proprietary were fractionally easier in light business at 335. Coles were active in dealings at 14s 9d and 14s lOd. Ampols lost ground in light business at 12s 6d. Kauri Timber, which are infrequently traded locally, were firm in business at 31s 9d. A.C.I. sold- unchanged at 38s 6d.