COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVI, Issue 28371, 2 September 1957, Page 15

COMMERCIAL Review Of Week’s Stock Exchange Transactions

[By Our Commercial Editor! Share prices again tended, to weaken on New Zealand stock exchanges last week. Australiandomiciled shares were generally sold at lower prices, and many of the leading securities, were also marked down.

FaUs in the'prices of shares were partly offset by a buoyant market for rights to ( several new issues. Turnover of rights was high, and the prices paid tended to rise during the week. In Christchurch, for the second week in succession, price falls outnumbered rises by a small margin. Turnover was again reduced, and much of the business consisted of rights trading.

The “New Zealand Herald’s’* index of share prices (based on 1950 prices) shows that share prices fell 1.3 per cent, to 133.94 between July 31 and August 29. The movement contrasts strongly with the increases recorded in earlier months—4.3 per cent, in April, 2.8 per cent, in May, 1.4 per cent, in June and 1.9 per cent, in July.

Tlie New Zealand shares which declined in price last week mostly registered small movements, but they included some of the leading issues—among them Dominion Brweries, New Zealand Breweries, South British Insurance, National Mortgage, J. Wattie Canneries and Tip Top Ice Cream (Auckland). Some Good Gains On the other hand, Northern Roller Mills, Gadsdens, William Cable and Truth (N.Z.) advanced in price. The buoyant trading in rights is also an encouraging feature. Details of transactions on the Christchurch Stock Exchange last week, with figures for the previous week in parenthesis, are as follows: Government stock, £5775 (£5775); local body and company debentures and stock, £5OO (nil); banks, 265 (nil); breweries, 350 (nil); building societies, 23 (nil); frozen meat, 50 (700); gas, 300 (nil); insurance, 800 (25); loan and agency, 9201 (2277); shipping, nil (2250); woollens, 850 (600) miscellaneous, 11,252 (22,124); Australian mining, 500 (100); unlisted, 3058 (1187); total, 26,649 (29,263).

Government Stock Yields Yields to maturity on Government stock traded in ‘Christchurch last week were as follows: 3 per cent. 1956-59, £4 8s sfi per cent.; 4J per cent. 1961, £4 14s lOd per cent.;. 3 per cent. 1960-63, £4 16s 5d per cent.; 3 per cent. 1962-64, £4 16s 3d per cent. Skellerup preference made a good gain to sell at 19s 6d. Felt and Textiles (N.Z.) preference, in first local business for some months, changed hands at 20s 3d.

Bank of N.S.W., in first local ex dividend business, sold at £33 15s. This represents a gain of 4s on cum dividend business early in the month at £34. Commercial Bank of Australia eased to sell at 15s 7d. Christchurch Building Society shares, in first local business for some time, sold at £l6. New Zealand Breweries shares dropped sharply to sell at 50s. New Zealand Refrigerating shares were firmer in a sale at 475. Christchurch Gas (21s) were weaker. New Zealand Insurance (83s) were steady. National Insurance (28s 9d) eased. Loan and Agency Active Turnover in the loan and agency section was lifted by active trading in Dalgety’s rights. Opening at 8s on Wednesday, they had later business at 8s 6d and 8s 9d. National Mortgage A (8s 6d) and B (8s 6d) were weaker.

Wright, Stephenson sold 9d lower at 425. Mutual Benefit (27s 6d) reappeared on the sales- list. Felt and Textiles (N.Z.) were steady at 32s 3d. Lane, Walker, Rudkin were firmer in business at 37s 6d. British Tobacco rights were active among the Australians. Opening at 9s 2d, unchanged, and at 9s 3d, they had later business later at 9s 3d—paid for shares registered both in Melbourne and Sydney. Woolworths shares eased fractionally to sell at

14s 9d, but the rights, after opening at 9s 8d unchanged, sold later up to 10b. Colonial Sugar (Sydney register) (£45 10s), Ampol (Ils 6d), Humes (44s 6d), Waltons paid (16s), and contributing (14s 3d), and Coles (14s sd) all sold at lower prices. Commonwealth Mining (Ils 3d) had first local business. New Zealand industrials and retailers sold at lower prices were Henry Berry (23s 6d), McKenzies (275), N.Z. Cement (21s 9d and 21s 6d), and Tip Top, Auckland (15s). Woolworths (N.Z.) rights, sold at 8s (unchanged), 7s 6d and 7s 7d, before closing at Bs. K.P. (N.Z.) Drugs (£5 6s, cum div) were steady. Higher prices were paid for Gadsdens (43s 6d), Coulls, Somerville, Wilkie (41s), Giant Industries (12s lid), and William Cable (25s 9d). Sharland rights had first local business, changing hands at 31s 6d. In the unlisted section, Buntings rights had first dealings at 3s 6d. Southern Cross Assurance (2s 9d) and Matea Forests (2s 3d) reappeared on the sales list.