DECLINE ACCELERATES ON NEW ZEALAND MARKET

Press, Volume CXI, Issue 32676, 4 August 1971, Page 14

DECLINE ACCELERATES ON NEW ZEALAND MARKET

The pace of the recent decline in share prices quickened considerably yesterday, as falls outnumbered rises more than three to one in both lists of New Zealand stock exchanges. Leaders were affected more than second-line stocks. Trading volume was light, and the range of issues narrower.

Among the few stocks to move against the trend Manthel Holdings stood out: the shares jumped 25c to 200 c in the first sale for almost three months. Neil Holdings rose 6c, Brierley sc, and Swift and Hallenstein were 2c higher. The industrial scene continues to put its imprint m the market, and the strike by the engineers, and the entry of the F.O.L. into the brewery dispute caused the already wary investor to retreat further. This attitude was reinforced by some bearish company reports, and the anticipation of the bearish effects of some of the new issues.

Leading shares to bear the brunt of these factors were: Consolidated Brick, 13c lower at 285 c; Fletcher, at 178 c, and New Zealand Steel, at 90c, each 6c easier; Wattie

new shares, N.Z. Forest Products, Wright Stephenson, Feltex and Taupo notes, down 4c each.

Taupo shares and C.P.D. lost 5c each. Both breweries further declined, and frozen meats did

not escape the gloomier mood.

The overseas list was weak, in line with the Australian trend. Bounty reacted to the offer for part of the shares by falling 1c to sc, closer to the bid price.

RISES

New Zealand Price Var’n c. c. AB Con (A) .. 41 1 Bisley (A) 77 1 C Wright (W) . . 120 2 Wallenstein (D) 218 2 Nathan (A) 190 2 McKenzies (W)* 72 2 Neil Hold (A) . 96 6 NAF ex FAC (A) 175 3 R Brierley (A) 225 5 Swift (A) 120 2 Overseas Carpenter (W) 202 2