COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVII, Issue 28531, 10 March 1958, Page 13

COMMERCIAL Review Of Week’s Stock Exchange Transactions

(By Our Commercial Editor) The Christchurch Stock Exchange was again busy last week, with the turnover in fixed-interest securities and shares only slightly less than the previous week. Price variations were again evenly divided. Breweries, frozen meat, insurance, and loan and agency were all considerably more active than in the previous week. Australian shares were quieter, as were New Zealand industrials and retailers.-

A notable feature of the trading at the end of the week was the sudden firming of Ampol. This stock sold on Tuesday at 12s 7d in Christchurch, which was unchanged from the previous week’s closing price. After unsuccessful bidding just below 13s in the next two days, several parcels changed hands at 13s 2d and 13s 4d on Friday. Sales were also recorded on Friday in Auckland (13s 2d) and Wellington and Dunedin (both 13s Id). Friday sales in Sydney and Melbourne were at 14s lid, Australian currency, so that its New Zealand equivalent (Ils lid) is considerably below the prices realised on the Dominion’s stock exchanges, even allowing for the usual premium (about 8 per cent.) which Australian-domiciled shares fetch on the New Zealand market.

Short-term Government securities were especially firm last week, with medium and longterm slightly easier. Transactions Details of transactions in Christchurch last week, with the previous week’s figures in parenthesis, are as follows: — Government stock, £11,340 (£14,985); local body and company debentures, £6OO (-£1600); banks, 135 (636); building societies, 1000 (300); breweries, 2467 (600); frozen meat, 2002 (258); gas, nfl (700); insurance, 2940 (2100); loan and agency, 3568 (1700); shipping, 1175 (nil); timber, nil (100); woollens, 1300 (950) ; Australian-domiciled, 8485; miscellaneous New Zealand, 7337; Australian mining, nil (1403); unlisted, 100 (200); totals, 30,509 (32,365). Yields to maturity on Government stock traded in Christchurch last week were:— Three and three-quarters per cent., 1958, £4 17s 6d; 3 per cent., 1956-59, £4 Ils 5d per cent, and £4 12s Id per cent.; 3$ per cent., 1957-60, £4 18s 8d per cent, and £4 18s 9d per cent.; 3 per cent., 1957-60, £4 15s 7d per cent.; 4% per cent., 1961, £4 16s 3d per cent., £4 15s 5d per cent, and £4 15s 9d per cent.; 3 per cent., 1960-63, £5 0s 2d per cent.; 3 per cent., 1961-64, £5 Is 9d per cent, and £5 0s 8d per cent.; 3 per cent., 1964-66, £5 Os 2d per cent. Aulsebrooks preference were steady at 19s 6d. William Cable Holdings, B preference, made their first appearance for the year at 19s 6d, as did Mirland Motors preference at 19s 6d; Whakatane preference were firmer at 22s 9d. Commercial Bank of Australia firmed further to 16s 2d, and Bank_ of New South Wales eased to £33. Breweries Active Breweries were active, but variable. New Zealand Breweries ended the week at 51s 9d, 3d firmer than the previous week’s business, after reaching 52s on Tuesday. Dominion Breweries eased to 81s, with rights easing from 32s 6d to 28s 6d, then firming to 28s 9d. Ballins firmed to 41s 6d, then sold at_ 34s on Friday, ex rights to the new scrip issue of two shares for every seven held. Mutual Benefit reappeared at 20s 6d.

Canterbury Frozen Meat were steady at £26 10s. New Zealand Refrigerating was firmer at 46s 9d after sales at 46s 6d unchanged. Southland Frozen Meat eased to 645, after sales at 655, the previous week’s price. National Insurance (28s 6d) was easier. New Zealand Insurance (81s 6d) and South British Insurance (83s 6d after sales at 83s Id) were steady. Wright, Stephenson (41s 3d) and Dalgety (30s) were easier. National Mortgage A was steady at Bs, as was New Zealand Farmers’ B preference at 16s. In first local business for the year CT.C.A (55s 6d), New Zealand Farmers’ A preference (16s), and New Zealand Guarantee - Corporation (2s lOd). s ■ Union Steam Ship preference eased fractionally to 235. Huddart Parker was firmer at 48s.

Woollens Firm Woollens were firm in tone. Feltex, Australia (23s 3d), Lane Walker Industries (40s) and Tekau (29s 9d after 29s 6d unchanged) were firmer. Tekau’s new issue was steady at 295.

Australian-domiciled shares were again variable. Cox Brothers (5s Id), Woolworths (16s 4d after sales at 16s 3d, last week’s closing price), G. J. Coles (16s 2d, 16s 4d and 16s 6d), and Ampol (reaching 13s 4d after opening unchanged at 12s 7d) were firmer. Email (6s Id), E.Z. Industries (15s Id) and Waltons (16s Id) were easier. At £37 10s, Colonial Sugar was unchanged.

New Zealand industrials, which were firmer, included New Zealand Newspapers (42s 6d), Northern Roller Milling (41s, later easing to 40s 6d), and DI.C. (18s), K.P. Drugs (£5 Is), Tip Top (14s 3d), and Woolworths, New Zealand (18s 9d) were easier. Ballins Hotels (6s), Fletcher Holdings (29s 9d), Hay’s (255), and Waltons (16s Id) were steady. Stocks to reappear on the Christchurch sales last included Canterbury Roller Flour (15s), Mason, Struthers (27s 6d), and Mason, Struthers, 14s paid (16s 6d). The unlisted Bing Harris A reappeared at 19s.