SPECULATIVES STRONG AGAIN

Press, Volume CIX, Issue 32217, 9 February 1970, Page 12

SPECULATIVES STRONG AGAIN

The renewed buoyancy in the New Zealand sharemarket on Friday was insufficient to retrieve the prices of most industrials after their easy tone during the week, but most speculatives’ prices were fully restored.

The toll taken of some leaders suggests that many investors may be forsaking them to free funds for speculation in the minerals market.

Falls edged rises from Monday to Thursday, and the daily index finished the week units lower, in spite of some good gains on the short list of rises. Movements were mainly small, but a few sharp changes stood out. Crothall fell 50c to 340 c, Wilson Neill 18c to 150 c, Steel and Tube 14c to 230 c and New Zealand Pastoral 11c to 75c. Coulls, Wallace notes and Manthel were also noticeably cheaper, and Canterbury Frozen Meat finished lie down at 160 c.

Among the leaders Harvey i lost 7c, the Forest issues fell,! and all insurances were down, National by as much as 15c. Most finance companies finished lower, including A.G. Securities whose new rights fell 4c in their first week. BOUNCED BACK The speculative mining and oil issues began the week firm, in line with their strong advances the week before, but they eased in the middle of the week before bouncing back with sharp gains on Friday. L and M did not quite make it, and closed 4c down at 245 c. The overseas oils were also easy, with losses of 80c for Beach and a cent for Offshore, while Bounty closed steady. The Australian miners were mixed, but in New Zealand the speculators were spurred on by a gold report which sent Southern Cross Minerals up to 298 c before settling at 270 c, an increase of 85c on the week.

Waihi contributings rose 11c to 88c in sometimes frantic trading, and Consolidated Silver ended the week at 80c, a rise of 10c when the sharesplit and Cash issue are taken into account. The industrials which increased their prices in spite of the easy trend included

New Zealand Steel, up lie tn 184 c on news of large sales of ironsands to Japan, and Northern Steam, 15c higher after a take-over bid by Brierley was announced. Brierley ifell 20c and the Northern Steam directors have scorned 'its offer. 1 Wilsons Cement rose 9c, and Winstone, one of the joint bidders for it, closed !13c up at 156 c. Radio Hau- ■ raki shares sold strongly to finish 13c up at 68c. | Other good gains were made Iby Paper Mills, Rattray, Ar|thur Yates, and D.1.C., FletIcher rose 13c to 218 c and [U.E.B. reached a new peak of 166 c on Thursday.