COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVII, Issue 28685, 8 September 1958, Page 15

COMMERCIAL Review Of Week’s Stock Exchange Transactions

IBu Out Commercial Editor]

Last week was another one of quiet trading on the Christchurch Stock Exchange, which as yet still shows no signs of recovering from the body-blow struck by the Budget at the end of June. A total of 17,553 shares changed hands, which was practically identical with the figure for the previous week’s business. On Wednesday, however, 7422 shares were traded, this being the largest single day’s business since June 25.

For the first time since the end of July, price falls outnumbered price rises for parcels of shares traded on ’Change in Christchurch. During the week there were 10 tradings at higher prices and 11 at lower. Australian-domiciled shares were mainly responsible for the lower prices, while confidence in New Zealand industrials and retailers was the best for many weeks. Of the 10 such parcels which were traded during the week no less than seven were at higher prices. One price fall was recorded for New Zealand industrials and retailers, and the other two such transactions were of stocks in first local business for the year.

An interesting company announcement during the week was that of Reid-Murray Holdings, Ltd., of Adelaide, which has offered to buy all the shares in Titan Television, Ltd. The offer is one of 3s in cash and one ReidMurray ordinary share for every two shares held in . Titan Television. Reid-Murray shares offered as a result will be ex dividend the final dividend payable in November, according to a cabled report, but Titan shareholders will receive their recently-declared dividend of 3d.

Reid-Murray shares were first traded in Christchurch this year on July 16, at 9s lOd. On the next day they rose to 10s, and sold at this price on each of the next 15 trading days in Christchurch. A slight fall to 9s lid presaged a rise to 10s 2d on August 13, rising further to 10s 9d on August 18. There have been further sales of this stock in Christchurch since that date, the most recent being on Wednesday at 10s 9d. Details of transactions in Christchurch last week, with the previous week’s figures in parenthesis, are:— Government stock, £3855 (£6825); local body and company debentures, £l2OO (£2000); banks, 5 (9), breweries, 800 ( 700); frozen meat, 328 (300); gas, 900 (500); insurance, 1100 (nil); loan and agency, 1400 (3450); shipping, 1100 (nil); woollens, 1000 (nil); Australian-domiciled, 5898 (7114); New Zealand industrials and retailers, 4372 (4934); unlisted, 650 (300); totals, 17,553 (17,307), Gilt-Edged Yields

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

3 per cent., 1956-59, £4 4s 8d per cent.; 3- per cent., 1957-60, £4 7s 3d per cent, and £4 5s 2d per cent.; 33 per cent., 1959-60, £4 9s lid per cent., 3 per cent., 1960-63, £4 13s 3d per cent.; 33 per cent., 1965, £4 17s 9d per cent.; 33 per cent., 1969, £4 17s 6d per cent. Whakatane preference were firmer at 22s 6d, and New Zealand Farmers’ A preference (13s 3d) and Union Steamship preference (21s) were steady. Holeproof preference were easier at 15s 9d, as were the unlisted Kaiapoi Woollen Mills preference at 21s 6d. Reidrubber preference (19s), William Cable C preference (20s) and Farmers’ Trading B preference (19s 3d) were in first Christchurch business for the year. Bank of New South Wales were easier when a parcel of 5 sold at £33 10s. Ballins Breweries (30s 9d) and Westland Breweries (445) were easier, and New Zealand Breweries at 345, were steady. C.F.M. Firmer Canterbury Frozen Meat were firmer a £2l 15s, but Waitaki Farmers Freezing eased to 38s. Christchurch Gas eased to 16s 6d, then recovered to 16s 9d in a later sale. Auckland Gas contributing were in first 1958 local trading at 3s 4d. National Insurance ■ eased to 24s 6d with lajer sales ajgo at this price. New Zealand Insurance opened at the unchanged 73s 3d, later firming to 73s 6d. Among loan and agency stocks, Dalgety was firmer at 36s 6d, while National Mortgage B (7s) and C.F.C.A. contributing (255) were steady. Timaru Woollen eased to 225, while Tekau were steady at 27s 6d. Australian-Domiciled Australian-domiciled shares were mainly steady to easier. Cox Brothers, in a sale at 5s 3d, was the only such stock to change hands in Christchurcn during the week at a price higher than that of most recent local business. Broken Hill eased to 43s ljd and later to 42s 9d, and other stocks to ease were G. J. Coles (16s 8d and 16s 6d) and Woolworths (17s 9d). Waltons eased to 15s 7d and later recovered to 15s Bd. E.Z. Industries were steady at 15s. as also were Ampol at 13s, Moulder Products at 16s and Reid-Murray Holdings at 10s 9d. 1.C.1.A.N.Z.’s new issue were in first local trading at 53s 6d. N.Z. Forests Reach Peak New Zealand industrials and retailers were mainly firmer with New Zealand Forest Products, at 19s, reaching their highest price of the year. Other stocks of this class to change hands at higher prices were

Wilson’s Cement (14s 6d and 14s 7d), Ross and Glendining (24s 9d), D.I.C. (17s 6d), Whakatane Board Mills (26s 6d) and the unlisted Matea Forests (2s 3d).

Norvic Shoes were easier at 19s. R. and E. Tingey (6s 6d) and Metiers, New Zealand (13s) were in first local trading for the year.