Market weaker in heavy trading

Press, Volume CXII, Issue 32848, 23 February 1972, Page 5

Market weaker in heavy trading

Trading was extremely active on New Zealand stock exchanges yesterday, and the total turnover of shares was the highest for some time. However, buyers could not quite keep up with sellars, and the market eased a little.

There were many more leaders among the falls than the rises, and but for the good rises by N.Z. Forest Products, Alex Harvey, South British Insurance, Rothmans, General Finance, and L.W.R., the market would have given a much weaker appearance. Skellerup and Early Bros also caught the eye in this sector, while Transport Nelson and Waitaki also did well.

R. and E. Tingey, which had been climbing steadily since the beginning of the year, jumped 10c to 90c on the directors’ ‘‘don’t sell” warning. In the overseas list the gains by E.Z.I. and Boral stood out.

The falls, although many, were mostly small. They in-

eluded both breweries, while Ballins also eased on the sale of a fairly large parcel. Fletcher and Tasman chalked up sizeable losses, but Midland’s fall of 10c—with the contributings losing 22c —was the most notable move in this part of the list. New Zealand miners and explorers were weak. In the overseas list N.M.A. retreated a further 2c; Vavasseurs announced yesterday that it was withdrawing from the situation.