Lifeless Trading In Melbourne

Press, Volume CIII, Issue 30586, 31 October 1964, Page 20

Lifeless Trading In Melbourne

(N.Z. Press Association —Copyrtpht) MELBOURNE, October 30. Share trading continued its lifeless pattern this week and prices fell to another low point for the year, says a Melbourne report.

Turn-over showed little signs of increasing from current depressed levels, rises and falls were generally in balance, but some of the leading stocks were marked down sharply. Mt. Isa was one to suffer in this regard—the company is still feeling the effects of the protracted strike. Towards the close of the week there were several good company reports which revived investors’ interest and a better tone developed. Oil Shares Trading in oil shares was erratic. Early in the week some strength was shown in this section, but it was not sustained and the news of cuts in Government subsidies as well as difficulties in selling Moonie output caused shares to fall. Herald scrip advanced sharply after the increase in the price of the paper. Rothmans announced a l-for-5 par issue and North Broken Hill disclosed plans for an intensive exploration programme below the existing ore body.

The market was distinctly firmer as trading ended for the week. The index for the 50 leaders moved from 114.71 on Monday to close at 114.64. Some of the main price moves for the week included: Herald up 2s 6d: Australian Chemical up ss; Burns Philp up Is; Consolidated Quarries up Is 3d: Rothmans up Is 6d; National Bank up Is 3d: Associated Pulp down Is; Colonial Sugar down 9d: Humes down Is 9d; W. R. Carpenter down Is 6d; Mt. Isa down 2s; and A.O.G. down Is 9d.

Wilkins Davies Capital Move (N.Z. Press Association) WELLINGTON, Oct. 30. Wilkins and Davies Construction Company, Ltd., Wellington, will increase its authorised capital to £l.2m. A further 500,000 ordinary shares and 100,000 cumulative preference shares of 5J per cent participating to 7$ per cent, of £1 each, will be created. Mr R. E. Aldred has been (appointed director of the company as the nominee of Taylor, Woodrow,'Ltd.