MARKET CONTINUES TO FALL AT ACCELERATED RATE

Press, Volume CXI, Issue 32540, 25 February 1971, Page 14

MARKET CONTINUES TO FALL AT ACCELERATED RATE

The New Zealand sharemarket yesterday continued to fall at the accelerated rate of the last few days, when the slow drift changed to a steep decline. In moderately active trading falls outnumbered rises by more than two to one. All sectors of the market were weak; the index, at 286.47, has now fallen back to the level of before Christmas, 1968.

Wattie, C.F.M. and U.D.C., were the only leaders not to be affected by the pessimistic mood: all rose Ic. All other rises were by second line stocks, with Brierley and C.F.C.A. standing out.

Nylex profit up Nylex Corporation, Ltd, Australia’s largest plastics group, increased unaudited net profit by 2 per cent to a record $2,615,306 in the year to December 31. Lowe: trading profits were offset by higher dividends from associated companies, profits on disposal of assets, and lower charges for taxation, which fell from sl.Bm to sl.6m.

In the overseas list Comalco contributings and Western Mining sold higher, against their trend on Australian markets. The falls were widespread but generally modest. The leaders were too numerous to mention individually, but N.Z. Forest Products stood out with a fall of 6c, to 362 c. New Zealand Refrigerating fell 4c to K6c, and Whitcombe and Tombs added a further 2c to Tuesday’s decline.

Among the rails in the Australian list the drop by M.I.M. of 50c, to 4(oc, was listed.