FINANCE & COMMERCE

Press, Volume XCIII, Issue 27873, 23 January 1956, Page 16

FINANCE & COMMERCE

Review Of Week’s Stock Exchange Transactions

(By Our Commercial Editor.)

New Zealand stock exchanges reopened after the Christmas vacation last wqek. Although it is usually some days before brokers and their customers settle down in earnest to the routine of buying and selling, the mayket value of most stocks was established quickly and a fair volume of business was recorded.

Share prices in London and New York showed an easing tendency during the week. Prices in Australia are generally much the same as before Christmas. A notable exception is the prices for metal-producing stocks, which have been steady at higher prices. Mount Lyell and Mount Isa improved on the announcement of the higher copper price. Top-flight New Zealand shares opened strongly and prices generally showed little variation from 1955 closing rates. Price movements were about equally divided between riss and falls.

Details of turnover pn the Christchurch Stock Exchange last week, with figures for the last week before Christma# given in parenthesis, are as follows: Government stock, £5lOO (£725); local body and company debentures, £lOOO (£500*); banks, 797 (363); breweries, nil (363); frozen meat, 100 (200.); gas, 500 (223); insurance, 600 ( 622); loan and agency, nil (200); shipping, 200 (775); timber, 300 (nil); miscellaneous, 9237 (6107); unlisted, nil (150); total, 11,734 (9011). A regular turnover of Government stock was the result of a moderate degree of interest in this section. The .issues traded —mostly short-dated—will return the investors, with redemption, about £4 7s, or £4 8s per cent. Bank shares were active throughout the week. A.N.Z. A shares (London register) sold at 36s 9d. The same price, paid for a parcel on the Australian register, represented a good gain since the last local transaction. Bank of N.S.W. were

also higher in business at £32 10s and £32 15s, parcels on the Sydney register selling for £3O and £29 10s. C.B.A. were easier in a sale at 14s 3d. New Zealand Refrigerating, £1 paid, eased to sell at 58s. New Zealand Insurance opened at the steady figure of 82s, later business being done at 82s 3d and 82s 9d. South British eased fractionally to sell at 725. Wellington Gas sold for 31s 6d. Union Steam, preference, were fraction- 4 * ally firmer in a sale at 22s Kauri Timber had first local business for some time, selling at 235. 8.H.P., following the firmer trend in Australia since the opening of the stock exchanges there, had opening business at 335. Later buyers offered this price without attracting a seller. Oil Search opened at 12s Id. later business being done at Ils 9d. Ampol were slightly higher in sales at 10s 3d. Woolworths had business at the unchanged figure of 15s 2d, and at 15s Idf Coles were firmer in a sale at 13s 9d. Booth, Macdonald, in first business since the announcement of the appointment of a receiver, lost 3d to sell at Is 6d. Tasman reached 30s for the first time in Christchurch during the week. Forest Products eased to sell at 17s 2d. Donaghy’s Rope sold unaltered at 425. Whakatane Board Mills ordinary were higher in business at 225. Fletcher Holdings were steady in a sale at 40s. Tip Top Ice sold for 20s. Gordon and Gotch had first local business for several months, selling for 15s 6d. Hay’s improved slightly to sell a: 23s 9d.

M.K. Manufacturers eased fractionally to sell at 11s lid. N.Z. Newspapers were firmer in a sale at 31s. Woolworths (N.Z.) gained slightly in sales at 19s 3d. McKenzies sold unaltered at 225. The only preference shares sold during the week, William Cable C preference, were steady in business at 21s 3d Rights to Kempthorne - Prosser’s new issue were fairly active. First business was done at the easier figure of 31s, later business being done at 31s, 30s 9d and 30s 6d. The company’s shares fell Is in a sale at £5 13s 6d. J. Watties rights opened fractionally firmer at Is Id, and held this price' in later business. More were wanted at the same figure later.