OILS DRAW MOST SUPPORT

Press, Volume CX, Issue 32210, 31 January 1970, Page 14

OILS DRAW MOST SUPPORT

A narrower range of issues was traded on New Zealand stock exchanges yesterday and the few industrial movements were in balance, as the Aquitaine drilling announcement reinforced interest in speculative shares and sent L and M Oil New Zealand up 13c to 249 c.

There was heavy trading in all the oil issues, especially in Wellington, where 30,000 L and M shares sold between 243 c and 250 c. The markets opened strongly, but eased during the day before recovering to close 10c above the previous day’s peak. Bounty traded heavily at 19c and 20c, and closed a cent up in Christchurch at 21c. Offshore also attracted support, rising to 18c in Wellington but trading steadily elsewhere.

Beach Petroleum, which, like L and M, has an interest in the new Tasman, field.

sold more quietly, but rose 70c during the day to close at 490 c. Mining issues also continued their climb yesterday. Waihi gained most, trading up to 77c, a gain of 7c on the day, while Southern Cross Minerals put on 5c and Consolidated Silver edged up to close at 500 c after a sale 5c higher in Auckland. Almost half of the rises in the rest of the market were made by leading issues, but the movements were small.

Among second-line stocks, however, Steel and Tube rose 14c to 244 c while Evening Star gained 6c to 170 c. Marac and Associated British Cables each made 5c rises. The falls included a 4c loss for New Zealand Insurance, and falls of 5c for Burkes, Gear Meat, and Hawkins, Smith and Brown, which is planning to merge with Maple.