N.Z. Ins. trading slows

Press, 23 April 1980, Page 26

N.Z. Ins. trading slows

Property Market

A city car sales and private car parking yard has sold for $90,000 at auction, more than $20,000 above its 1979 Government valuation of $69,500. The 655 sq m commercial property, situated at 166 Tuam Street, has access from both Tuam and Mollett Streets. The property had an annual income of $9780, and 50 per cent vendor mortgage was available. The auctioneer (Mr C. M. Robertson) for Sherris and Robertson, Ltd, said it was a very satisfactory price. The only improvement on* the site was a small office. Mr Robertson said there was a healthy interest in the property. Bidding started at $70,000 and went up in $2OOO bids to the final total. There were four bidders and about 35 people attended tile sale.

I PA New Zealand Insurance! |Co., Ltd, told the Stock Ex-: change Association yester-1 day that, with part IV of the Trustee Companies Act, 1967, now applying to the company, no transfer of shares could be registered unless accompanied by a I certificate disclosing beneficial ownership. It added that, apart from the certificate factor, the application of the act did not affect trading in its shares. Yesterday, the NZI share I price advanced, rising 5c to : 262 on the Auckland Stock Exchange. Locally, 3800 shares were traded out of a total 5400 nationally. ,i This brought volume for 1 the month to date to 699,100 1 and for the year a little 1 more than 1.8. million.

i This week only 9400 have I been crossed, whereas thej figure for last week was! 1110,300, including 98,900 on, Friday. i Meanwhile, the market; still wondered about thej identities of the recent big; buyer or buyers. At the N.Z.I. registry no transfer applications appeared to be exciting more than usual interest. i Some observers continued to speculate that recent large parcels might have' been bought on behalf of: foreign investors particularly | interested in N.Z.f.’s healthy property and investment portfolios, possibly groups i in London seeking a safer haven for investment during the present gloomy outlook for the British economy. Two such groups which

I came in for mention were I the insurance houses Guardi ian Royal Exchange, and i Sun Alliance. i N.Z.I. assets, as at March '3l, 1979, balance date (the 'last available), and making i allowances for some factors, such as the recent recovery of the Australian sharemarket, indicated the property and investment portfolios I might have values around $4O million and $2l million respectively. Both portfolios !are spread worldwide. i The market now will be waiting to see whether the !N.Z.I. board names any parties involved in applications for transfers of large parcels of shares which arrive at its; registry during the next! week or two.