LEADERS REMAIN FIRM BUT SECOND LINE STOCKS EASE

Press, Volume CXI, Issue 32568, 30 March 1971, Page 20

LEADERS REMAIN FIRM BUT SECOND LINE STOCKS EASE

The New Zealand market leaders were mostly firm but second-line stocks were generally easier yesterday. Turnover declined while the index showed a small advance, giving the market a hesitant air.

Upward price changes were smaller among the leaders compared with the downward movements among the second line stocks. This could be accounted for by limited buying interests, in the leaders, and the evident selling pressure which is on second line stocks. Investors apparently believe that the former group is more able to cope with reduced demand after a rapid increase in costs but they are generally playing a waiting game, and buying small parcels with their liquid funds.

Most of the leaders were marked up 1c or 2c but Feltex stood out with a rise of 10c to 335 c. Broadland gained 2c, Fletcher 2c, National Insurance sc. A.B. Consolidated, Golden Bay, Wattie, N.Z. Breweries, Forests, N.Z.M.C. and U.E.B. rose 1c each. A. and T. Burt, Carter Consolidated, and R. Hellaby were 3c higher. Allied Concrete, Midland, and N.Z. Refining were 5c lower. Morrison P.I.M. slumped 20c and Motor Traders 6c.

Andrews and Beavan was 1c lower at 109 c as was South British Insurance at 551 c. Waitaki continued to ease with a fall of 2c to !53c.