Melbourne Market Had Good Year

Press, Volume C, Issue 29672, 16 November 1961, Page 19

Melbourne Market Had Good Year

(fiew Zealand Press Association) MELBOURNE, November 15. Melbourne Stock Exchange achieved a further gain in business in the year to September 30. The market value of all listed securities and the number of new listings rose to peak levels, and members again underwrote the majority of new Australian semiGovernment loans, company debenture and unsecured note raisings which were listed during the period.

The market' value ef listed securities, rose 6 per cent, to £72061 million. Total listed securities increased to 2560 issues, a rise of 8 per cent while the nominal value of these issues

climbed a similar amount to £5071 million. Turnover of share securities edged up from 101.1 million units to 101.4 million units. On the other hand, business in loan securities dropped from 913 million units to 38.1 million units, a further reflection of the introduction of the official short-term money market.

Business in preference shares continued to decline from 1.7 million units to 1.1 million units and mining turnover was steady at 12.8 million units. Business in ordinary shares rights and options, moved up from 86.6 million units to 87.5 million units.

Discussing the market, the committee says that ordinary share prices reached their peak in September, 1960. Prices declined sharply to December on an average of 20 per cent, which was the first major fall for nine years. Recovery proceeded in 1961. aided by increased portfolio investment from overseas. Average prices at the end of September were 12 per cent, below those of a year previously.

MILLTON AND HOWARTH Stock and Sharebrokers ERIC MILLTON R. BRUCE HOWARTH Members of the Christchurch Stock Exchange. Bank of New South Wales Building, 112 HEREFORD STREET. •Phone 80-141. Box 2361. < —Advt