MILD CHECK IN MONTH RALLY; MARKET AT CROSS-ROADS

Press, Volume CXI, Issue 32588, 23 April 1971, Page 16

MILD CHECK IN MONTH RALLY; MARKET AT CROSS-ROADS

The month-old rally of the New Zealand sharemarket had a mild check yesterday when the index, which is weighted in favour of the market leaders, showed a marginal down-turn of 0.7 to 289.47. Second-line stocks, which normally follow the trend of the leaders, remained firm in less-active trading. The market appears to be at a point of decision, and it remains to be seen if the rally will continue or if traders will sell the market down.

The shares of Charles Begg rose a further 6c on the Auckland and Dunedin exchanges, making a rise of 16c within the last two weeks.

The managing director (Mr C. A. Pearson) said that he had had no indication of any organised buying by one person or company. Asked whether his company had entered into negotiations with another firm, Mr Pearson said that there had been no talks regarding a take-over of his firm by any

other company, within the;in the first sale in 6 weeks, last year. ’ I Most of the falls among 1.C.1.N.Z. was 8c firmer,the leaders were marginal at 228 c and National Insur-i again. Consolidated Brick ance put on 10c to 360 c. , lost 3c, the rights lost the Beaths was 3c better at 58c I same amount and the notes and the rights gained 1c to {were 5c lower. sc. Feltex eased 2c, Wattie Ic, Haywrights improved 2c to Forest 1c and U.E.B. Ic. 104 c. Comalco lost 10c of its : Tonka plunged 25c to 60c(recent strong gains.