COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVI, Issue 28425, 4 November 1957, Page 16

COMMERCIAL Review Of Week’s Stock Exchange Transactions

(By Our Commercial Editor)

Turnovers on New Zealand slock exchanges were again restricted last week but prices were steadier. In Christchurch rises and falls were almost evenly balanced compared with the two to one ratio of falls to rises the previous week.

Australian chain stores firmed during the week, and industrials were generally firmer. Apart from the spectacular gain of Hay’s shares, New Zealand domiciled securities were mainly steady.

Friday’s business in some of the most frequently-traded shares, with the price variation since the previous week’s business, was done at the following prices:—

Overseas Trends Most classes of shares had reached higher prices by Thursday of last week than in the previous week, according to the “Sydney Morning Herald’s” index. Retail and mining shares, in particular, made good gains during the week. Retail shares have now reached their highest level since May.

Industrial ordinary shares declined steadily in London during the week. In the last month, according to the ‘‘Financial Times” index, the decline in this class of security has been of the order of 13 per cent. Wall street prices recovered on Wednesday and Thursday and at that date showed a fall of less than 4 per cent, since the end of September.

Details of turnover on the Christchurch Stock Exchange last week, with figures for the previous week in parenthesis, are as follows:

Government, £l7OO (£4530); local body and company debentures, £3600 (£8000); banks. 785 (700); breweries 1850 (1812), building societies 120 (nil), frozen meat 284 (nil), gas 500 (1000). insurance 550 (750), loan and agency nil (1488), woollens 410 (170), miscellaneous 12,795 (14,863), unlisted 225 (217 k total 17,519 (21,100).

A parcel of 3 per cent. 1957-60 Government stock sold on Thursday at £95 7s 6d will return the purchaser. with redemption. £4 19s Od pei’ cent. The 1954-58 4 per cent, issue, bought at £lOl 7s 6d. will yield £4 2s Id.

A iisebrooks preference (19s fid) and Canterbury Frozen Meat preference (£6 10s) sold at lower prices.

National Bank of Australasia (12s fid paid) reappeared on the sales list, at 17s 9d. Commercial Bank of Australia (15s 2d) were firmer but Bank of New South Wales (£33 15s) eased slightly. Carlton Brewery (18s (id) were easier hut New Zealand Breweries improved to sell at 49s 3d and 49s fid after a sale at the steady price of 495. Dominion Breweries .were sliehtly weaker in a sale at 995.

Mutual Benefit (27s fid. cum dividend) reappeared on the sales list

New Zealand Refrigerating were ■teady at 48s

Canterbury Frozen Meat shares made good gains to sell at £26 5s (old) and £25 10s (new). Christchurch Gas paid (20s 3d) were steady, and the contributing shares (15s 3d) were firmer.

New Zealand Insurance shares shed ; fid in a fortnight in a sale at

82s. Standard insurance (21s) were steady. Timaru Woollens (235) were unchanged.

Coles opened fractionally weaker a! 14s 2d but finished the week strongly in sales at 14s fid. Woolworths were also fractionally weaker in opening business at 14s 7d but sold Id higher on Friday. Waltons (17s, 17s 2d and on Friday, 17s Id) closed at the previous week’s price.

E.Z. Industries were active on Thursday at the higher price of 17s

3d, and closed 3d higher. Colonial Sugar made a good gain to sell at £32. Australian Consolidated Industries (48s) and British Tobacco (26s fid) reappeared on the sales list.

Hay’s had first ex dividend business at 25s 9d—9d above the price paid early in September, before payment of the Is dividend. Later business was done at 265, the highest price this year or last year. Coulls, Somerville, Wilkie (435) also made a good gain.

New Zealand industrials and retailers sold at lower prices were:—Beggs (555), New Zealand Newspapers (395), Airwork rights (2s 5d and 2s), New Zealand Packing (21s 6d), William Cable (25s 4d) and Fletcher Holdings (28s 6d), Milburn Lime (29s 6d).

Tip Top Ice Cream (Auckland) (14s 6d) were steady. By crofts (44s 6d), and United Box (33s 6d) reappeared on the sales list.

Pacific Forests (10s 6d) and St. Elmo Courts (225) reappeared on the sales list of unlisted stocks.

Price Rise or Fall td) Dom. Brew. 99s N.C. N.Z. Brew. 49s 6d + 6 N.Z. Refrig. 48s N.C. N.Z. Insur. .. 82s N.C. Wr. Steph. 42s Gd -3 A.C.I. 48s -12 B.H.P. 47s Gd 4-18 Coles .. 14s 6d 4 6 For. Prod. .. 16s 2d -1 Waltons 17s 2d 4-2 Whakatane 24s 4-3 Woolworths 14s 8d 4-1