New Zealand Oil Shares Weaker

Press, Volume CIX, Issue 32252, 21 March 1970, Page 18

New Zealand Oil Shares Weaker

New Zealand oil shares continued to slide yesterday, but miners and industrials firmed slightly. Trading was moderate and rises and falls were in balance in a generally steady market. The few leaders that moved showed little change.

Christchurch prices of L and M Oil stock were back in line with northern centres yesterday, as the small rally which held prices above 170 c on Thursday disappeared. The shares closed 9c down at 165 c, a loss of 34c for one week. On Auckland the -price fell to 161 c in active trading. Republic sank 2c to 55c and Offshore closed steady at 9c, while Bounty sold heavily at 15c. Beach weakened, however, closing 60c down at 340 c.

Wilsons Cement shares sold 5c up at 320 c in what will probably be their last sale. Winstone and Golden Bay, whose revised joint takeover bid was endorsed by the Wilsons directors, announced last evening that more than 90 per cent of the Wilsons

shares had been offered at the bid price (worth 327 c yesterday). The bidders said they were anxious that trad Ing tn Wilsons should cease. The only notable rises in yesterday’s market were a 7c increase to 80c for D. Wallace shares and 5c rises for both Credit Services Investments and Berlei. Among the falls, Brierley stood out with an 8c fall, reflecting lack of confidence in its oil interest, while Trans Holdings and Ajax each lost sc. The 9c drop of L and M was the largest drop in 'the New Zealand list. C.S.R. issues firmed slightly, but the overseas list continued to show weakness. B.H.P. ■ and Dunlop both eased, while Hamersley fell 43c to 950 c in its first sale here since the share split.