MELBOURNE STOCKS

Press, Volume C, Issue 29674, 18 November 1961, Page 17

MELBOURNE STOCKS

Falls Exceed Rises (N Z.P.A.-Reuter—Copyright) MELBOURNE, Nov. 17. After a firm and active opening, with a wide spread of business in which demand was concentrated on industrial leaders, share trading on the stock exchange of Melbourne this week lost its buoyancy and many of the earlier gains were wiped out. the Exchange reported today. Falls exceeded rises for the first time for some weeks and turnover in all sections of the market was lower. News Unfavourable Company news did not favour shareholders. Amalgamated Wireless announced a cut of 2 per cent, in the year’s dividend, and Electrolytic Zinc expects exports to be affected by the 52 million U.S. dollar loan to India. H. C. Sleigh is raising £2m in a private note issue, and Associated Pulp and Paper announced sales of £l7m for the year. Kauri Timber announced a loss of £352,000. The stock exchange reported peak share turnover of 101.4 m units for the year. When business closed, market leaders were well down. Australian Cement at 80s had lost Is 6d on the week. Colonial Sugar were £2 less at £6O 2s 6d. Elecrtolytic Zinc shed Is Id to finish at 13s, 1.C.1.A.N.Z. were 2s cheaper at 425, while John Lysaght lost 2s 6d and closed at 66s 6d.