COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVI, Issue 28347, 5 August 1957, Page 15

COMMERCIAL Review Of Week’s Stock Exchange Transactions

(By Our Commercial Editor) Recorded turnover on the Christchurch Stock Exchange last week reached one of the highest weekly totals in the last few years. The course of prices—there were more than two rises for every fall—showed that more buyers had come into the market for shares and Australian issues, in particular, were in strong demand. The steadier trend in the gilt-edged market, noted in last week’s review, now appears to have signalled the end of the drift in prices. More buyers entered the market last week, and most of the parcels which changed hands showed a lower yield to redemption than in the previous week.

Just how much of the increase in recorded turnover on the Christchurch Stock Exchange in recent weeks can be ascribed to an increase in turnover and how much can be ascribed to a higher proportion of turnover being recorded is difficult to estimate. Since the stock exchange installed a separate telephone circuit, linking members and the secretary, it has become easier for members to report sales by telephone. Probably this has accounted for some of the apparent increase in Christchurch business, but at the same time other stock exchanges have produced longer sales lists. The last few months have been one of the busiest periods on New Zealand stock exchanges since the war. Christchurch Figures Details of transactions, on the Christchurch Stock Exchange last week, with figures for the previous week in parenthesis, were as follows:—Government stock, £25,440 (£5860); local body and company debentures and stock £3OO (£2050); banks £2240 ( £ 1240); breweries £ 1209 (£1095); building societies £llB (nil); frozen meat £72 (£2009); insurance £450 (£200); loan and agency £3672 (£3025); shipping £lOO (nil); woollens £2lOO (£ 1350); miscellaneous £20,645 (£23,769); Australian mining £7OO (£200); unlisted £1756 (£2550); total £32,962 (£35,538). Yields to maturity on Government stock trade 4 in Christchurch last week were as follows:—3 per cent., 1955-58, £4 5s 9d per cent, and £4 6s 8d per cent.; 3 per cent., 1950-59, £4 9s 9d per cent.; 4g per cent., 1959, £4 14s 9d per cent., £4 13s 4d per cent.; 3 per cent., 1957-60, £4 6s lOd per cent.; per cent., 1961, £4 16s 7d per cent., £4 16s 8d per cent., £4 16s per cent.; 3% per cent., 1962, £4 16s 2d per cent.; 3 per cent., 1960-631 £4 16s 2d per cent.; 3 per cent., 1961-63, £4 16s 4d per cent.; 3 per cent., 1962-94, £4 16s 7d per cent.; 4g per cent., 1966-67, £4 17s 3d per cent. Turnover of preference shares was not high. Commercial Bank. (£6 ss), Aulsebrooks (19s lOd), and Fletchers, C preference (19s 6d) and D.I.C. (20s 6d) sold at higher prices. An-

drews and Beaven (18s 6d) were steady.

Bank Shares in Demand There was a steady demand for bank shares during the week. N.S.W. improved to sell at £34. Commercial Bank were fractionally lower in business at 16s 3d, cum div. A.N.Z. Bank B shares, in first local business for some time, sold at 40s 3d. United Building reappeared on the sales list, selling at 18s 3d. N.Z. Breweries (51s 6d and 51s 9d) were firmer. Canterbury Frozen Meat, rights (£l6 15s), and N.Z. Refrigerating (475) sold unaltered. N.Z. Insurance (89s 6d) were steady. National Insurance (295) showed a gain of Is over last local business, but most of this gain had previously been made in sales elsewhere. South British Insurance dropped sharply to sell at 965. National Mortgage A (8s 9d) and B (9s) sold unaltered. Goldsbrough Mort made a good gain to sell at 29s 9d. South Island Finance (32s 6d) reappeared on the sales list. Bonds (20s) and Tekau (295) were steady. Felt and Textiles, Australia, sold fractionally lower at 21s 3d.

Australian Shares Active Australian industrials and retailers were active. Gains were made by Ampol (12s and Ils 8d), Burns Philp (52s 6d), A.C.I. (55s od, cum div.), Colonial Sugar (£44 ss), A.W.A. (8s 3d), E.Z. Industries (19s Bd, after sales at 19s 6d, unchanged), 1.C.1., A.N.Z. (425, after sales at 41s 9d, unchanged), Waltons (16s 3d to 17s), Woolworths (15s) and Woolworths, rights (9s 9d to 9s lOd). Coles dropped 4d to sell at 15s, but latest business was at 15s 3d. B.H.P. (45s 6d) sold lower. Humes (27s 3d) and British Tobacco (32s 3d) reappeared on the sales list. New Zealand shares in the miscellaneous section of the quotation list which made gains during the week were:—Ross and Glendming (275), Giant Industries (Ils 3d), William Cable (255), Watties Canneries (28s 9d), Reid Rubber (20s 6d), Whakatane Board Mills, ordinary (225), M.C.P. (4a), and Tip Top Ice Cream (Auckland) (15s la). Steady prices were paid for Fletcher Holdings (31s), McKenzies (27s 6d), and Whakatane, preference (21s), N.Z. Packing (225), Coulls, Somerville, Wilkie (40s 6d), and Dunlop N.Z. (20s 6d), D.I.C. (17s 3d). Only Hauraki Whaling (3s) and Kempthorne Prossers, N.Z. Drugs (£5 6s), in this section, sold at, lower prices during the week. Beggs, rights, had first local dealings, selling at 235. Shares which reappeared on, the sales list after some time were J. J. Niven (60s), Mason, Struthers, 14s Baid (16s), Transport Nelson (30s), onaghys Rope and Twine (51s 8d), Farmers’ Trading (455), and McLeod Bros. (42s 6d). Australian mining shares were more active than of recent weeks. Mount Lyell (21s 9d and 22s 3d) were firmer, but Mount Isa (31s 9d) were easier.

Booth, Macdonald shares sold at the lower prices of Is, lid, and Other unlisted securities traded were A. and T. Burt, preference (19s fid). Buntings (32s 6d), and Hayward Bros., Id paid (2s 3d).