COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVI, Issue 28413, 21 October 1957, Page 14

COMMERCIAL Review Of Week’s Stock Exchange Transactions

(By Our Commercial Editor) The highest turnover for six weeks and a lower proportion of price falls to rises on the Christchurch Stock Exchange last week signalled a revival of interest in the sharemarket. Rises and falls were almost evenly balanced. The Australian section of the market was weak, and more losses than gains were shown among the New Zealand-domiciled shares in the miscellaneous section of the quotation list. Breweries, gas and loan and agency shares were mainly steady or firmer. B.H.P. recovered particularly strongly.

The decision of the Sydney Stock Exchange memb?rs to shorten their Christmas . holiday is not without interest to New Zealand investors. The Sydney Stock Exchange will be closed only from December 24 to the morning of January 2 (a Thursday). The Melbourne Exchange, will reopen on January 5, so tha‘t Melbourne inventors will lose two days’ trading opportunities compared with those who deal with the Sydney Exchange. 25 Days’ Holiday in N.Z.

The New Zealand investor, however, will be deprived of an i extra eight days’ opportunities as I the New Zealand Stock Exchanges j will close at 5 p.m. on December j2O and will not reopen until the morning of January 13. A section of New Zealand sharebrokers is known to favour shorter holidays—the long Easter vacation has also been criticised —and the Sydney move will strengthen their hand when the question is next discussed in New Zealand. Details of transactions on the Christchurch Stock Exchange last week, with figures for the previous week in parenthesis, are as follows: —Government stock, £BO5O (£72501; local body and company debentures and stock. £5OO (£200); banks. 900 (231); breweries. 2263 (2291); frozen meat, nil (250); gas. 302 (312); insurance, 100 (250); loan and agency, 5500 (2156); shipping. nil (433); woollens. 700 (nil); miscellaneous. 19,140 (12,691); Australian mining, nil (100); unlisted, 490 (1180); total. 29.395 (19,894).

A parcel of 33 per cent., 1959, Government stock changed hands at £97 15s, to yield £4 18s per cent, with redemption. The yield on this stock was 2s 3d per cent, higher than was obtainable the previous week. The 3 per cent., 1959-61, stock also yielded slightly higher, at £4 18s 4d per cent.

Andrews and Beaven preference sold 6d higher at 19s. Dunlop, N.Z., preference, were steady at 16s 6d.

Commercial Bank of Australia eased to sell at 15s 4d and 15s.

Breweries shares were active during the week. Dominion Breweries, ordinary and preference, sold at the steady price of 995. N.Z. Breweries advanced strongly to sell at 48s 6d and 495. Ballins Breweries sold in Wellington at 355, 6d above the previous weeks Christchurch price of 34s fcd. Gas Shares Recover Christchurch Gas, paid and contributing, recovered strongly to sell at par in each- case. The paid shares changed hands at 20s 3d in Wellington on Friday. N.Z. Insurance sold 6d down at 83s 6d. National Mortgage A were active during the week at the lower price of 8s 3d. The B shares, after selling unchanged at 8s 6d, sold Id lower later. Wright. Stephenson (42s 9d) were fractionally firmer. Felt and Textiles (Australia) were weaker in a sale at 20s 9d. B.H.P. advanced during the week from the previous week’s closing price of 44s to sell at prices up to 47s in Christchurch. Waltons (17s) and Woolworths (14s 6d and 14s 8d) were firmer. Waltons. contributing (15s), were easier. Coles (14s 3d) weakened slightly. The new shares were steady at 14s 2d. E.Z. Industries (17s), Burns, Philp (49s 6d), Ampol (10s 8d), and Colonial Sugar (£3l 15s) were easier than in previous local business. Australian Foundation Investment (5s lid) and Cox Bros. (ss) reappeared on the local sales list. Fletcher Holdings (295), Kemp-

thorne Prossers, N.Z., Drugs (£5 4s 6d and £5 4s), William Cable (25s 3d and 25s 6d), and Whitcombe and Tombs (36s 6d) sold at prices lower than were previously paid in Christchurch. Ross and Glendining (265), Wool worths, N.Z. (17s 6d) sold unaltered.

Airwork, Rights Airwork rights had first business, changing hands at 3s. The rights are probably unique in this country’s financial history in that they entitle the holder to take up both preference and ordinary shares, in the proportion of two preference to one ordinary. Many holders no doubt would prefer to take up only the ordinary shares, but as the preference shares are 6 per cent, cumulative they are likely to sell above par as long as selling pressure is not too heavy.

Shares which reappeared on the local sales list were Norvic Shoes (15s 9d), Tip Top Ice (14s 6d), Dominion Rubber (23s 9d), M.C.P. (3s 4d), and the unlisted Wooff and Salvesen (30s).

Matea Forests were firmer in light business at 2s 3d.