COMMERCIAL Review Of Week’s Stock Exchange Transactions

Press, Volume C, Issue 29525, 29 May 1961, Page 16

COMMERCIAL Review Of Week’s Stock Exchange Transactions

180 Our Commercial ftaitor* Rises exceeded falls by three to two over the whole range of New Zealand shares last week. This was the most buoyant week’s trading of the year so far. The previous week’s trading produced 30 rises and 20 falls among New Zealand issues; last week’s figures were 36 rises and 24 falls. Overseas companies’ shares, however, lost many of the gains shown in recent weeks. Last week’s losses included most of the leading Australian shares, affected by profit-taking on their home market.

Breweries, which have been weak since the market opened after Christmas, recovered some of their losses. Dominion Breweries reached their highest since May 11, New Zealand Breweries their highest price since April 10.

Insurance shares were again very firm; New Zealand Insurance and South British Insurance have both advanced over the last two weeks. Textiles Firm Perhaps the strongest section of the market tvas the woollens and textiles section. Bruce Woollen led the gains, rising 3s to 63s on the announcement of a proposed capital reconstruction. Alliance Textiles, Felt and Textiles of New Zealand, and

Lane. Walker, Rudkin were also firmer. Fletcher Holdings shares, notes and debentures were firmer. A few manufacturers’ shares were firmer, but retailers and wholesalers made most of the gains among the large “miscellaneous” section. Meat processors’ shares were mainly weaker. Smithfield prices for lamb have been below traders’ expectations this season, and there is no possibility of a bumper year for the trade, as in 195960. Loan and agency shares were affected to a lesser extent by the generally unfavourable outlook for exporters. Paper producers and consumers were out of favour last week. Forest Products, United Empire Box. Whit-

combe and Tombs, New Zealand Newspapers and Otago Daily Times all finished the week at lower prices. Some of the sharpest price movements of the week were the losses recorded by the Australian leaders Ampol. British Tobacco. Broken Hill and Colonial Sugar. The latter two companies’ shares, however, are still above midMay levels.

Contrary Market

The trends of the New Zealand and Australian sections of the market last week were indeed contraryin both senses of the word. The Australian economy is emerging from a very difficult trading period, and there seems little doubt that any change in the Australian market will be for the better. The New Zealand economy, on the other hand, is suffering from present balance of nayments difficulties and from misgivings over its long-term outlook. Unless the sharemarket had earlier "over-comnen-sated” for the factors affecting both the Australian and New Zealand economies, last week's nrice movements anoear illogical. But final judgment must be susnended until the New Zealand Budget. and the Australian election. Details of the transactions on the Christchurch Stock Exchange last week are as follows: Government stock. £3950 (compared with £28.005 the orevious week); local bodv and company Stock and debentures, nil (£48001: nreference shares 1900 (64041: banks. 920 (1086': breweries 3300 (MB6s': frozen meat, 2050 (976': gas. nil (500); insurance, 700 (07’1: loan and agency. 'OO (1010': timber. 3500 (3001: woollens, 5700 (.31001; miscellaneous (Australian!. 15,788 (18,4821; miscellaneous (New Zealand' 10 873 (13.7091: mining. 1 00 (nil': unlisted, nil (200); total. 57.026 ( 61.903).

PRICE CHANGES LAST WEEK

In the following table the prices given are those paid in latest recorded New Zealand business. They are compared with those paid at the previous week’s close, making allowance, where necessary, for dividend payments.

RISES New Zealand Shares Price Var’n Dom, Brew. 22 0 1 0 N.Z. Brew. 12 3 7 Wtn. Gas 20 6 9 N.Z. Ins. 67 0 6 N.Z. Ins. B 66 6 6 Sth. Br. B 53 3 3 Newton. K. nts 25 9 9 Northn. Steam 12 0 3 Putaruru 22 6 1 0 Alliance 14 3 3 Bruce 63 0 3 0 Feltex N.Z. 74 6 6 L.W.R. 14 1 1 Al. Harvey 35 3 1 3 Bing H. A 7 1 1 D.I.C. 24 0 3 Early Bros. 8 0 6 Early Bros, new 7 11 5 Farm. Trading 85 6 6 Fletcher nts. 25 0 3 Fletcher dbs. 40 3 6 Fletcher Hold. 44 0 1 0 Fletcher new 41 9 3 Gen. Foods 14 9 1 0 Hy. Berry 34 0 2 0 J. Yock 75 6 6 K.P. Drug. 49 6 6 McLeod Bros. 58 0 3 0 Nat. Elect. 20 6 1 0 N.Z. Farm. Fert. B 38 0 6 Norvic 20 6 6 Phil. Impey 77 6 1 0 Rubber Dist. 20 9 9 Sm. and Br. 9 1 1 S.P.A.N.Z. 7 6 6 V’pac. rts 4 9 3 Wilson’s Cem. 16 0 3 W’wths N.Z. 16 1 1 John Burns 84 0 4 0 Lusteroid 36 6 6 Winstone 37 0 1 0 Overseas Shares Price Var'n A.N.Z. Bank 47 0 2 0 Bank N.S.W. £29J 5 0 Kauri 13 0 3 Burns Philp 79 0 1 3 Carapark 5 9 1 I.C.I.A.N.Z. 61 9 3 L J. Hooker 8 5 3 Waltons 10 9 5 W’wths nts. 11 9 3 W’wths 13 9 3 Mt. Isa 60 0 1 0 FALLS N.Z. Shares Price Var'n C.F.M. 39 3 3 ■Sthld. F.M. 19 0 6 Sth. Ot. Fr. 62 0 6 D.I.B.A. 21 3 3 Mut. Ben. 22 9 1 N.Z.F.C. A pf. 18 1 5 North Auck. Farm. 6 9 6 Ballins Ind. 11 6 3 Consol. Brick 26 4 2 Consol. Brick con. 10 0 3 Griffin 18 3 6 Hay's 32 6 6 J. Wattie 11 8 1 Milburn 43 3 3 Motor Spec. 13 7 2 For. Prods. 36 6 6

N.Z. Ind. Gas B N.Z. News. 69 67 3 0 1* 4* Ot. Dly. B 38 3 3 Sanford B 14 0 3 Silknit 30 0 1 0 Tappenden 25 0 3 U.E. Box 13 3 3 U.E. Box new 13 0 3 Whit. Tombs 54 9 3 Wm. Cable 21 7 5 W'm. Cable new 21 41 1 14 Overseas Shares Price Var'n. C.B.A. 14 0 6 Nat. Bk. N.Z. 37 0 6 Nat. Mort. A 7 9 3 Nat. Mort. B 8 3 6 Feltex 6 9 2 A.W.A. 20 0 6 Ampol 10 6 1 0 A.C.I. 78 6 6 Brit. Tob. 28 3 1 3 B.H.P. 66 6 1 0 C.S.R. £73£ £3 Cox Bros. 6 11 1 H. G. Palmer 10 5 1 Myer 23 6 6 Toppa 6 9 3 W R. Carpenter 27 9 3 Mt. Lyell 5 7 1 W'wth S. Af. 25 0 2 3 * Allowing for dividend.