SHAREMARKET CONTINUES TO RECOVER FROM DECLINE

Press, Volume CIX, Issue 32016, 17 June 1969, Page 19

SHAREMARKET CONTINUES TO RECOVER FROM DECLINE

The rally which began on New Zealand stock exchanges on Friday gained momentum in a fairly active Monday market, with twice as many rises as falls on both lists and some notable recoveries from last week's heavy decline. Seventeen issues continued to fall, however.

Only seven issues recovered completely, including Christchurch Press, which stood out in the market with a 50c rise to 280 c, and Ivon Watkins, which regained its 10c loss. Another seven of the 44 rises continued the upward trend of some issues last week. Henry Berry added 75c to the 10c it gained on the news of an impending takeover by T. J. Edmonds and a one for six bonus issue, In-

dustrial Chemicals put on another 10c also, and J. Burns gained sc. Alex Harvey and Fletcher each rose 8c towards their prices a week ago, while a dozen other leaders which fell last week made smaller gains.

Tasman and South British were the only leaders to sell below their reduced prices. Tasman losing another 50c to close at 1045 c and the insurance company adding 3c to its previous 19c loss. Other insurances rose in yesterday's market, National by 5c and N.Z.I. by 3c. New Zealand Refining, down sc, was the only other leading issue to fall. All but seven of the 24 falls were continuing their trends during the general decline. Notable among them was Skellerup, down 5c when the ex dividend adjustment is made, C.P.D. B, down 13c, and Edmonds, 5c lower at 435 c. Boral and G. J. Coles lost more ground on the overseas list, but Mount Isa fully recovered its 25c loss, C.S.R. Australia put on 70c after losing only 30c last week, and B.H.P. recovered a third of its 90c loss.