Daily Rises And Falls

Press, Volume CIX, Issue 31985, 12 May 1969, Page 18

Daily Rises And Falls

Computed from each day’s closing prices on the commercial page.

The market was easier on balance last week, and falls well outnumbered rises. However, leaders resisted the trend, being almost steady, and some showed sharp gains. As might be expected at a time when prices are high,

the market showed a greater degree of selectivity, and shares of companies with unquestionably good prospects, or companies which had good : profit news last week, recorded the best gains. Only three market leaders surpassed previous high levels: N.Z. Forest Products, Tasman Pulp and Paper, and' Lane, Walker, Rudkin. The former two shares arei riding high on the wave of 'expectancy of better and bet-. Iter results by the forestryj : industry. Supporters of Lane, Walker, Rudkin are undoubtedly: spurred on by the promise of I the company’s prospects ini the textile industry, under-1 scored by its splendid performance in the past. Henderson and Pollard, per-1 haps earlier a little undervalued, and Taupo Totara,! also benefitted from invest tors’ confidence in the forest; industry. The market refused to be intimidated by the coming! of the breathanalyser, and breweries strengthened a little. And, indeed, if the British experience is at all relevant to New Zealand, the trade has nothing to fear in the long run. Incidentally, in this connec-

tion the prospects of insurances deserve attention. If as a result of the breath analysers the accident rate goes down, and therefore the ratio of claims to premium income improves, insurances may well finish the year even better than they promise to do already. Maple Furnishing's 51 per i cent profit improvement encouraged the market enough ;to put 16c on to the price of, the shares; they now stand at 94c. I Good news by Tappenden also was reflected in the price lof the shares, although in 1 I this case it was mainly the: | notes which benefitted. | The falls did not show such| a pattern as the rises did. Steel and Tube fell 20c, on the news of a rather disappointing profit. ' There appears to be a shortage of scrip in the market, land this partly explains the I present high levels. For that reason new issues are especially welcome. I Associated Group Securities is making a 1:10 cash issue at par. The shares will not participate in July’s interim dividend, but will rank equal in all respects thereafter. The issue will bring (the company’s capital to

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