STEEP DECLINE CHECKED BUT MARKET’S TONE STILL WEAK
The steep decline of the New Zealand market was checked yesterday as more buyers were tempted back by lower prices. The undertone of the market was still weak, however, and only a few stocks rose in response to buying pressure.
The gap between rises and falls narrowed, with 15 rises and 32 falls. The market index, which had lost about two units a day since Monday, was only tnarginally lower yesterday.
Investors were selective, and finance companies found more favour than others; Broadlands recovered 1c to 88c, and Marac gained 5c to 190 c on the news of an issue. Leyland Investment stood out with a rise of 7c to 102 c, while Merchant Finance firmed 2c to 120 c. The market leaders were still weak over-all, but Watties recovered 1c to 124 c, and Forests 2c to 363 c.
Fletcher Holdings continued to retreat, with a loss of 3c to 175 c, while Tasman lost 4c to 313 c ex dividend.
RISES New Zealand
FALLS New Zealand Price Varin
Price Var’n c. c. Brdld (A) 88 1 D Brew (A) 113 2 ICINZ (W) 208 2 Wattie (W) 124 1 Leyland (A) 102 7 Marac (A) M Fin (A) 190 5 120 2 Nat Ins (D) 350 5 NZ FP (A) 363 2 R E Tingey R Hellaby rts 83 60 43 1 1 W Malt (D) W Steph (W) 180 107 5 1 C Silv (A) 24 1 SC Min (A) 17 1 Overseas Bounty FP (W) 7 1 * Ex dividend.
Q c. Alcan (W) 195 1 Bonds (W) 175 5 Bunting (A) 80 4 CPD (W) 125 3 Odlin (W) 137 2 Dalgety NZ (W) FTC (w) 57 93 1 1 FAC (A) Feltex (W) 295 363 5 2 Fletcher (A) 175 3 K Prosser (D) .. 115 2 Matakana (A) .. 375 5 M Specs (A) . 153 1 Neil Holdings (A) 90 2 NZ Ins (A) 346 2 NZ M Corp (W) 124 1 NZ News (W) . . 286 2 NZ Refrig (C) .. NZ TS (A) 105 1 150 5 PTY (A) 186 2 Pye (A) 55 2 R Hellaby (A) . 148 2 Sth British (A) 550 2 SFM (D) S Biolab (A) .. 160 115 3 3 Tasman (A) •313 4 Tonka (A) 88 4 T J Edmonds (W) 240 5 UEB nts (W) . . 111 1 Winstone (A) .. 117 1 Zip (W) 37 1 Republic (A) .. 32 1 Overseas Ampol (W) 80 1 Comalco (W) .. ” contr (W) .. 480 5 340 20
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Bibliographic details
Press, Volume CXI, Issue 32542, 27 February 1971, Page 19
Word Count
420STEEP DECLINE CHECKED BUT MARKET’S TONE STILL WEAK Press, Volume CXI, Issue 32542, 27 February 1971, Page 19
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