Market Boosted By Barrier Stocks

Press, Volume CIII, Issue 30405, 2 April 1964, Page 17

Market Boosted By Barrier Stocks

(N.Z. Press Association—Copyright) SYDNEY, April 1. With the Easter break restricting the number of trading days the market failed to show any significant movement this week but, influenced by strong barrier stocks, was a shade firmer, according to the weekly stock exchange report.

The share price index rose 1.4 points to 373.77. Trading levels were well below average with the investment turnover at a daily average of 480,000 and mining at 98,000. Leading stocks were generally unchanged but those that did vary, tended to ease slightly.

The Bank of New South Wales and Tooth both lost Is to 65s 3d and 98s 6d respectively, A.W.A. lost 5d to 27s Id, A.C.L recorded a loss of Is to 63s 6d and E.Z. Industries at 22s fid was one of the few stocks to gain ground, showing a rise of Is 9d. Trading in the miscellaneous section was uneven. Sugar stocks showed a tendency to firm with Fairymead up Is to 71s and Millaquin Sugar at 52s 9d, gaining 2s 9d. Two favourable interim reports were received during the week, those of James Hardie Asbestos, Ltd., and North Broken Hill, Ltd. James Hardie announced that it will make a one-for-four issue of shares at par. The company also reported that although the final accounts for the year to March 31 were not complete, earnings were at a level which warranted a bonus dividend payment. A final dividend of 8j per cent will be paid. The shares of James Hardie in response to this news rose 4s 6d to £6 17s. Directors of North Broken Hill, Ltd. stated that if present conditions continued, it was expected that surplus earnings would amount to £3,218,000 for the year to June 30, 1964.

This amount is in excess of double that 1963 figure. The mining market recovered strongly this week due mainly to the high prices of

stocks in the silver-lead group.

ML Isa gained Is 3d to 455, Broken Hill South was Is 5d firmer at 235, New Broken Hill gained a further 6s 6d to 86s 6d and North Broken Hill rose to 365. A.O.G. and C.R.A. were also firmer, both gaining Is 6d to 40s and 35s 6d respectively. Oil stocks were also generally stronger.