STRONG UPWARD PRESSURE IN NEW ZEALAND MARKET

Press, Volume CIX, Issue 31943, 21 March 1969, Page 14

STRONG UPWARD PRESSURE IN NEW ZEALAND MARKET

The easing tendency the New Zealand stock market has been show - ing this week was halted abruptly yesterday, when rises outnumbered falls almost four to one.

Market leaders showed strength, particularly Tasman, which rose 10c to 1000 c, and New Zealand Forest, which rose 8c to 410 c. Both issues of U.E.8., which is expected to make a good profit announcement soon, gained 4c, and Alex Harvey, which is seeking an interest in J. L. Fisher, rose 2c to 397 c. Fletcher, Wattie, 1.C.1.N.Z. and Motor Specialties made marginal gains, too. The only leaders to fall were Dominion Breweries and New Zealand Insurance. The latter lost another 3c, while South British was steady, indicating that in-

surance stock is still relatively weak in the market. Canterbury Frozen Meat shares responded to the board’s “resignation warning” of Wednesday by gaining 6c in active trading in Christchurch, to close at 220 c. Yesterday's largest movements were 15c gains made by both New Zealand Petroleum new, after the announcement of the Maui No. 1 oil strike, and P.T.Y. Turnover on the Christchurch exchange was firm on the previous day, but trading was restricted to a narrower range of issues. There were no movements in prices of overseas shares. Nine issues were traded.