MARKET IN BALANCE AT THE CLOSE OF TRADING

Press, Volume CXI, Issue 32563, 24 March 1971, Page 26

MARKET IN BALANCE AT THE CLOSE OF TRADING

Turnover remained moderately high on New Zealand stock exchanges yesterday and the index showed a small advance. Rises and falls were almost in balance but the number of leaders was greater among the issues. Several stocks finished the day below their best place. This may indicate that sellers are beginning to recover their influence and that the market will gradually revert to its drifting pattern.

Bing Harris sold 3c higher at 57c in response to its much higher profit and increased dividend rate. N.Z. Insurance of 348 c and South British of 555 c were 6c and 10c better respectively. Hellaby gained 8c to 155 c but C.F.M. at 130 c and S.F.M. at 150 c lost 5c each. Beath came back 3c to 56c, ex bonus issue and dividend: the rights were traded at 4c. L and M Oil was quite actively traded and the shares were 3c higher at the close of trading.

LW. Dow record production (N.Z. Press Association) WELLINGTON, Mar. 23. Record production lessened the effect of cost increases and more improvements in processes and facilities would assist in containing further escalation, the chairman of Ivan Watkins-Dow, Ltd (Mr D. A. Watkins), said in the interim report. Spiralling costs, including the unexpected payroll tax, were a major factor affecting profits for the half-year. Despite the present problems of the agricultural industry, there is no lack of faith in the future of farming by farmers of experience and business ability, says Mr Watkins. Many sound and enterprising farmers found that they must and can diversify their activities to meet the demands of changing markets and consumer requirements. “Our bio-products sales pattern shows that farmers are becoming more discerning in their use of herbicides and insecticides,” he says. The company is raising its interim dividend from 4J per cent to 5 per cent. Last year’s total was 11 per cent.

Unit Trusts

Buy Sei) First N.Z. Unit .. 76 87 N.Z. Incom. 57 63 N.Z. Accom. 107 121 Investors 63 68 Sec. First 122 127

RISES New Zealand Price c. var’n c. Alliance (D) 69 2 Am Pac Ind (A) 46 2 Harris (C) 57 3 Brdld (A) 90 1 C Brick (A) .. 347 7 D Brew (A) .. 114 2 DRG (W) 119 1 FTC (A) 96 2 Feltex (W) .. 330 2 Firth (A) 130 2 Gen Fin (W) G Fds nts (A) .. 180 2 72 3 Kaiapoi (C) 33 1 M Choyce (A) .. 55 3 M Hold (A) 75 5 NZ Ins (A) 348 6 NZ Refrig (W) .. 105 1 PTY (A) 190 3 R Hellaby (A) .. 155 8 Sharland (W) .. 185 3 S Biolab (A) .. 115 3 S Brown (A) .. 124 1 Sth British (A) .. 555 10 Taupo (W) 128 1 T J Edmonds (C) 245 5 UEB (A) 114 3 UEB nts (A) .. 108 3 Winstone (A) 108 5 L and M (W) .. 36 Overseas 3 BHP (C) 1630 10 Bounty FP (W) 8 *Ex Dividend 1

FALLS New Zealand Price Var’n Alcan (W) .. 193 1 Allied (C) 155 5 Burt (C) 115 2 Baillie (W) 82 1 Beaths (C) ’56 3 CPD (W) 116 1 Chas Begg (C) .. 43 1 CFM (C) 130 5 DIC (C) 192 3 Fletcher (A) 170 2 Gear (W) 120 1 Wattie (W) 125 1 Leyland (A) 100 2 McKenzies (A) .. 77 1 M Specs (A) 142 1 N King (W) .. 100 1 NZ FF (A) 87 1 NZ M Corp (W) 124 1 NZ TS (A) 148 2 R Brierley (W) 215 2 R Hellaby rts (W) 41 1 Skellerup (W) .. 258 2 Swan (C) 252 10 SFM (D) 150 5 U Pub (W) 52 3 Viet Laundry (W) 190 10 W Malt (W) .. 173 2 Zip (W) 39 1 Overseas Ampol (C) .. 78 1 BNSW NZ (C) .. 680 5 Comalco (C) 450 20 Carpenter (C) .. 200 20