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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.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19800423.2.123.1

Bibliographic details

Press, 23 April 1980, Page 26

Word Count
457

N.Z. Ins. trading slows Press, 23 April 1980, Page 26

N.Z. Ins. trading slows Press, 23 April 1980, Page 26