COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVII, Issue 28679, 1 September 1958, Page 15

COMMERCIAL Review Of Week’s Stock Exchange Transactions

[By Our Commercial Editor]

Turnover on the Christchurch Stock Exchange was again moderate l:\st week, when 17,307 shares changed hands. Most active section for the week was loan and agency, in which 3450 shares were traded, the largest for any one week in Christchurch since that ending March 7, when 3568 changed hands. . 'Most other sections, and also Government stock; wef® "down on the previous week’s figures. The tone of the market was again generally firm, making the fourth week in succession in which price rises outnumbered price falls. In transactions last week there were 14 at higher prices and six at lower prices. The figures for the previous week were 26 and 17 respectively.

The recently-disclosed consolidated net profit of the Broken Hill Proprietary Company, Ltd., £9.3m„ represents an increase of £l.9m. or 26 per cent., over the figure for the previous year This rise compares with successive increases of £454,085 (1954-55), £2.2m (1955-56) and £854,289 (1956-57).

On the production side, the combined output of ingot steel at the company’s Newcastle, Port Kembla and Whyalla works was nearly 3m tons. This was 10 per cent, higher than the record output of the previous year, according to the managing director’s report. Production of pig iron also exceeded the previous best. Christchurch Sales Broken Hill stock first sold in Christchurch this year at 365, on January 17. Since then the picture has been one of a generally steady rise, allowing for slight falls at times when the local sharemarket has been generally depressed. By mid-Febru-ary the price in local trading had risen to 38s 9d, only to lapse back to 36s at the beginning of April. At the end of May the Christchurch pripe reached 38s 9d again after two months of trading at steady prices. By June 1, the stock was changing hands in Christchurch at 41s, and through July and August has risen further to 43s 6d. Last year. Broken Hill stock fluctuated between 38s and 40s 3d in the Dominion. Details of transactions in Christchurch last week, with the previous week’s figures in parenthesis, are: Government stock, X 6805 (£10,415); local body and company debentures, £2OOO (nil); banks, 9 (80)j breweries, 700 ( 50); frozen meat, 300 ( 823); gas. 500 (nil); insurance, nil (164); loan and agency. 3450 (1182); woollens, nil (3259); Australian-domiciled, 7114 (9235); New Zealand .-industrials and retailers, 4934 (9890); unlisted, 300 (nil); totals, 17.307 (21,747).

Yields to maturity on Government stock traded in Christchurch during the week were:

32 per cent., 1959, £4 14s 3d per cent.; 3 per cent., 1960-63, £4 14s 3d per cent.; 42 per cent., 1962-63. £4 16s lid per cent; 3 per cent.. 1962-64. £4 15s 8d per cent.; 32 per cent., 1965, £4 18s 4d per cent. ’ Preference Shares

Skellerup preference were firmer at 18s 6d, and Woolworths (New Zealand) properties preference were also firmer, at 19s 6d. Aulsebrooks preference (19s) and New Zealand Farmers’ A preference (13s 3d) were easier.

Bank of New South Wales were firmer at £34.

New Zealand Breweries were in business twice during the week at

In the frozen meat section New Zealand Refrigerating, at 42s 6d, were firmer.

Christchurch Gas eased to 16s 6d in two sales, but later recovered to 16s 7d.

New Zealand Loan and Mercantile were in first local trading for the year in a sale at 22s 6d. Wright, Stephenson (36s 6d), National Mortgage A (7s) and New Zealand Farmers’ (14s) were steady.

Tekau were easier at 27s 6d. Among Australian - domiciled shares 1.C.1.A.N.Z. showed a further advance during the week to 54s 6d. the highest price paid for this stock in local business this year. Ampol notes (8s lid). Colonial Sugar, Sydney Register (£3B) and Broken Hill Proprietary (43s and 43s 6d) were also firmer. Moulded Products (16s), Reid-

Murray Holdings (Ids 9d), Coles (16s 9d), Waltons (15s 9d) and Woolworths (18s) were steady. Ampol opened for the week unchanged from the previous week’s closing price of 12s 9d, but finned in a later sale to 13s.

Cox Brothers Cox Brothers eased Id to 5s and, after a later sale also at this price, recovered again to 5s Id. E.Z. Industries were easier at 15s.

New Zealand industrials and retailers were variable. Stocks which firmed during the week were Andrews and Beaven (25s 6d), Whitcombes (295), William Cable Holdings (23s 6d), Humes (50s) and the unlisted Kaiapoi Woollen (22s 6d). Deaths were steady at 32s 6d, and Claude Neon (455), National Electric (£5 15s), Amalgamated Batteries (31s) and Ross and Glendiniqg (24s 6d) also changed hands at prices equal to those of most recent local trading. Woolworths (New Zealand) eased to 17s 2d. and M.K.M. (9s), New Zealand Forests (18s 6d), J. J. Niven (38s 3d) and the unlisted Carbonic Ice (535) also sold at easier prices. Alloy Steel (465) and United Empire Box (33s 6d) were in first Christchurch business for the year.