Tesco’s share up

Press, 17 December 1988, Page 32

Tesco’s share up

Tesco’s New Zealand lamb share of the market leapt from about 10 per cent in June to about 20 per cent in October, said the New Zealand Meat Producers’ Board. Retail demand for New Zealand lamb in Britain dropped this week, although there was better interest at wholesale with some buyers starting to top up stocks for the New Year trade. On Smithfield market this week, New Zealand PL-grade carcases were quoted at SNZ3.B4 to 5NZ3.94 a kg.

In the United States, both domestic and imported markets for manufacturing beef had gains, with all cuts ending the week up an average of US2c a lb from last week. A strong domestic market from domestic product was credited with the upswing. Though a drop was expected in January, prices were expected to rise again in February. Prices for 1989 arrivals of bull and cow beef were quoted at SNZ4.IS and 8NZ4.07 a kg c.i.f.

Platinum falls Platinum shed about SUS3O an ounce after a statement by the Ford Motor Corporation that it has developed an autocatalyst that is just as effective as platinum in controlling exhaust emissions, dealers said. The metal dipped to SUSS4S/555 an ounce at one stage on the London Metals Exchange before closing at SUSSSO/560 compared to Wednesday’s 592.00/593.50 finish. Its high on Thursday was $U5600.50/602.00. Bank withdrawal The Reserve Bank yesterday withdrew SBSM from the wholesale money market through the sale of Treasury bills. It sold SSOM in T-bills maturing on December 28 at rates between 13.75 per cent and 13.8 per cent; S2OM maturing on February 8, 1989, at 14.28 per cent to 14.32 per cent; and SISM maturing on February 15 at 14.32 per cent to 14.38 per cent. Bids totalled $245 million. Adler chief exec. Mr Rodney Adler, aged 29, has been appointed chief executive of FAI Insurances, of Sydney, after the death on Tuesday of his father, Mr Larry Adler, who was chairman and chief executive of the insurance group. Mr Adler declined to accept the position of chairman. FAl’s commercial and legal -. adviser, Mr John Landerer, has been appointed acting chairman and FAI executive director, Mr Bruce Corlett, is deputy chairman.