COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume XCVIII, Issue 28821, 16 February 1959, Page 16

COMMERCIAL Review Of Week’s Stock Exchange Transactions

Trading was steady on the Christchurch Stock Exchange last week. A high turnover of Government stock on Friday made the week’s business more than that of the week before. Prices maintained a firm tone, but easing in some transactions was the most marked for three weeks. Trading in frozen meat and woollens was quieter and no business was done in building societies, local bodies, gas or shipping.

Australian chain retailers again figured prominently, as has been the case since the year’s trading started. Woolworths had a turnover of 1500 shares, the same as the week before, but fewer G. J. Coles changed hands. Both continued firming. Woolworths sold at 17s Id on the last trading day of last year, two days before Christmas, then firmed 2d to 17s 3d in first sales this year. It has continued firming in steady trading each week since. Latest transactions were at 18s.

G. J. Coles has also shown steady advances in trading each week this year. Selling at 16s on January 19, Coles firmed to a cum dividend price of 16s 8d at the start of the following week’s trading. Apart from a single sale Id easier the week before last. Coles stayed at 16s Bd, cum dividend. Last week sales were at 16s 9d—this time ex dividend.

Details of transactions in Christchurch last week are:— Government stock, £10,600; banks, 592; breweries, 1400; frozen meat. 700: insurance. 458; loan and agency, 2167; timber, 300; woollens, 150; Aus-tralian-domiciled. 8137; New Zealand industrials and retailers. 7094; Australian mining, 350; unlisted, 2182: total, 34.130. compared with 26.044 the week before. Commercial Bank of Australia firmed 4d on mid-January sales to sell at 16s 9d on Mondav. The only other sale of this line was made next day at the same price. Fifteen Bank of New South Walps, ex dividend, changed hands on Monday at £3l 7s 6d. One sale the next day was at the same figure, but a second sale was 2s Rd firmer at £3l 10s. New Zealand Breweries made up the entire turnover of breweries during the week. Sales on Mondav eased 9d to 35s 3d; later in the week there was further easing, taking the Drice to 355. However, this is 3s firmer than transactions just before Christmas. There was only one sale of frozen meat during the week. This was when New Zealand Refrigerating, cum dividend, changed hands at 50s 6d. down 6d on the week before. New Zealand Insurance went'up 6d to 755; Standard Insurance, cum dividend, sold at 20s. Both figured In only one transaction each. South British Insurance eased 6d to sell-at 76s 6d early in the week, and a later sale was made at the same figure. South British is still well ahead of its pre-Christmas price. Loan and Agency In loan and agency, C F.C.A., contributing, sold at 25s 6d; Farmers’ Co-onerative Auctioneering, B preference, making a rare appearance, at 19s 9d: New Zealand Farmers’ Coop., A pref• at Ils 7d; and N.Z. Farmers’ Co-operative. B pref., eased 3d in two sales at Ils 6d. Kauri, the sole transaction in timber during the week, sold at 17s 6d. Tekau Knitwear, in one sale onlv. sold at 255. Tekau rights firmed 6d on sales the previous week to change hands mid-week at 4s 6d. then rose —2d more in sales on Friday. Buyers were still on the market, taking the quotation to 4s 9d, but sellers kept clear.

Ampol made three sales during the week, a Id easier at 17s 2d. Andrews and Bea ven, in the first sale since the end of November, was steady at 245.

Broken Hill Proprietary firmed Is 3d in sales mid-week, maintaining the higher figure in a sale on Friday. Firming Id on sales the week before, Clyde Industries sold at 12s 4d on Tuesday, but eased 4d in sales the next day.

Colonial Sugar made a £1 rise In a sale of six at £37 10s, while Sydney register sold at the same price, unchanged on the week before. Cox Brothers firmed. Id in two sales at 4s 8d; there was one sale of Dominion Fertiliser at 22s 9d, 3d better than early December; Donaghy’s Rope sold at 44s 6d; Fletcher Holdings debentures at 23s 6d.

Selling at 16s Bd, cum dividend, at the end of the week before, G. J. Coles sold at 16s 9d, ex dividend, on Tuesday and Wednesday. Griffins sold at 12s 9d, up sd; Hay’s, rights, easier during the previous two weeks, recovered in two sales

at 4s; J. J. Niven, in the first sale for more than two months, sold at 375; John Chambers sold at 18s 6d: L.N.C. Industries at 12s 4d. Myers, on the market for the first time in some weeks, sold at 21s; New Zealand Forest Products firmed 9d in two sales at 22s 9d; Norvic sold at 19s 3d; Reid Murray Holdings, in four transactions, sold at 10s. unchanged; Reid Murray, rights, in one sale only, sold at ss, up 3d. Reid Rubber changed hands at 325; Tasman at 19s 9d; Tip Top at 13s lOd on Tuesday, then 14s on Friday; William Cable Holdings at 22s 6d, unchanged; Wilson’s Malt Extract at 16s. Woolworths continued firming, starting the week Id better at 17s 9d, rising the next day to 17s lOd, then finning 2d in two sales at 18s. In Australian mining. Mount Lyell made two sales, first at 26s loUd, then at 36s 6d. Kaiapoi Wool firmed Is in a sale at 235. There was steady trading in Matea Forests, with sales each day except Thursday. Matea firmed 7d in sales on Monday, and maintained the higher figure through subsequent sales. Making a rare appearance. Scales sold at 9s.