COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVII, Issue 28649, 28 July 1958, Page 14

COMMERCIAL Review Of Week’s Stock Exchange Transactions

Last week was one of small trading and lower prices on the Christchurch Stock Exchange. For falls in prices, it was the worst week since the beginning of May, with nine price rises and 17 price falls. In the two previous weeks, the feeling of hesitancy had been expressed in transactions at the ruling price, but last week was the first in which prices actually fell to any great extent. New Zealand industrials ami retailers was the seclion most affected by the price falls. This section was in fairly active business, in comparison with the last few weeks, although the number of shares changing hands was still very small compared with some weeks earlier in the year. Most other sections were also fairly quiet, with little activity in Australiandomiciled shares. This was the first week so far this year in which Woolworths (Sydney) has not featured on the local sales lists.

During the week, G. J. Coles and Company, Australian chainstore owners, disclosed a record net profit for the year ended June 30, 1958, of £l.Bm. This compares with a profit of £l.7m in the previous year, and £l.3m in the year ended June 30, 1956. Coles shares have been in active business in Christchurch since the start of this year. Opening on January 14, the first day of trading in 1958, the stock changed hands at 15s 6d. Through January and early February the stock

rose in value, with several sales each week, to reach a peak for the period of 16s 8d on February 17 and 18. This presaged a falling tendency over the next two weeks, down to 16s Id at the end of February. Coles stock then rose again for a period, and within another three weeks had reached a new peak of 16s was on March 18. During April the price paid for the stock in Christchurch business moved between 16s 6d and 16s. During May, the price was virtually stable at 16s, with sales on only nine days during this month. June Business June business locally opened at 16s 3d and, after several sales at or around this price, the stock rose to 17s in sales on June 25 and 27. The peak for the year in local business, 17s 3d, was paid in Christchurch for a parcel on July 8, and since then the stock has settled down to 16s 9d. In New Zealand last year, prices paid varied from 14s to 15s 6d for this 5s share. Details of transaction in Christchurch last week, with the previous week's figures in parenthesis, are:— Government stock, £3656 (£2070); local body and company debentures, £l5OO (£3900); building societies, 400 (140); banks, 565 (30); breweries, 430 ( 600); frozen meat, 400 (nil); insurance, 200 (250); loan and agency, 300 (400); shipping, 350 (100); timber, nil (100); woollens, 500 (100); Australian-domiciled, 5700 (8200); New Zealand industrials and retailers, 5176 (3416): unlisted stocks, 300, (nil); totals, 14,341 (13,336). Yields to maturity on Government stock traded in Christchurch last week were:— 3 per cent., 1959-61, £4 15s 9d; 4*,z per cent., 1961, £4 16s 11; 3% per cent., 1965, £4 18s 7d. Woolworths (New Zealand) Properties preference were Is 6d easier in a sale at 19s on Wednesday, and changed hands at the same price the next day. Feltex New Zealand preference were easier at 18s 9d. Banks National Bank of New Zealand firmer 2s to 275, and ended the week at this price, after a sale also at 27s 3d. Bank of New South Wales were 10s easier at £3l ss. At 30s, Ballins Breweries were 4s easier than in most recent local trading, which was on June 25. New Zealand Breweries eased slightly to 49s 6d. Carlton Breweries, at 21s 3d. were in first local business for the year. United Building Society were 3d firmer at 18s. New Zealand Refrigerating Company were 2s easier at 42s 6d.

National Insurance, at 27s 3d, were 6d easier, and South British Insurance were steady at 755. New Zealand Insurance ended the week at the unchanged price of 76s 6d, after a temporary fall to 75s 6d on Monday. C.F.C.A. were 6d easier at 54s 6d, and New Zealand Farmers’ Cooperative Association were steady at 14s 6d.

Huddart Parker were 3d easier at 47s 9d. Holeproof, at 18s, were 2s 9d firmer than the last sale of this stock in Christchurch, which was on April 21. Lane. Walker, Rudkin were easier at 345. Ampol easied 7d in its first local sale of the week, changing hands at 12s 3d. Three later sales in the week were at 12s 9d. A.W.A. were 3d easier at 12s. Broken Hill Proprietary were 3d easier at 41s 3d in an early sale in the week, but gained later to a new local peak for 1958 at 41s 9d. G. J. Coles eased 3d to 16s 9d. but Morts Dock were 6d firmer at 10s. Waltons and Woolworths were not in business in Christchurch during the week. Reid-Murray Holdings Reid-Murray Holdings were in business on each day of the week, at the unchanged price of 10s. Among New Zealand industrials and retailers. Fletcher Holdings were 6d firmer at 27s 6d, and William Cable (22s 6d) and Tasman (17s) were also firmer. New Zealand Newspapers (37s 6d), New Zealand Packing (21s 6d). Beggs (525). Dunlop. New Zealand (225), Cyclone Fence <32 6d) and New Zealand Newspapers (37s 6d) were steady. Woolworths (New Zealand) easied 3d to 16s 3d, but recovered to the previous week’s closing price of 16s 6d. Stocks which eased were J. Wattie Cannereis (245». Beaths (32s 6d), (Jlthnate-Ekco (14s), Whakatane Board Mills (23s 9d). Farrier-Wai-mak (16s) and Whitcombe and Tombs (27s 3d), Kaiapoi Woollen, the first unlisted stock in local business for four weeks, was also easier at 225.