STOCKS AND SHARES

Dominion, Volume 32, Issue 235, 3 July 1939, Page 12

STOCKS AND SHARES

General Weakness In Markets

A DULL TRADING WEEK

General dullness pervaded the Dominion stock and share markets last, week. This was in line with London, which reported the markets as weak and idle', and with Sydney and Melbourne, where definite weakness was apparent.. Business was exceedingly quiet and the turnover in all New Zealand centres was restricted. Apart from the reaction to overseas conditions factors in the New Zealand market are the general uneasiness in commercial circles and the unsettling effect of exchange control and import restriction. Interest in the Australian market from the investment standpoint has narrowed considerably owing to the embargo on the export of capital. De.alings in Australian shares are virtually confined to I'Jew Zealandheld supplies, and many sales pre made on the basis of delivery in Sydney, for the purpose of securing funds there. Business in Government stocks last week was done mainly in small parcels and covered a wide range of maturities, mostly 4 per cents. The market showed no improvement. There was a small turn*f>y.er of local body and company deben- ’ tures.

Banks were quiet and inclined to be easier. New Zealand ordinaries sold at 39/- to 38/9, an odd lot of the D mortgage shares going at.2(5/9. Australasias sold unchanged at £9/5/-, Commercial of Australia at Troin 15/10 to 16/-; . and. Unions at from £S to £7/18/6. New South Wales were done at £3O/15/-, and E., S and A’s at £5. National of New Zealand were easy at 46/3. National of Australasia. £lO paid, sold at £l3/10/-, and the £5 paid at £6/10/-. Insurance shares showed little change, Nationals (being traded at from 16/8 to 16/9, New Zealands at 52/-, Standards at 52/9, and South British at from 42/5 to 42/3. Financials were dull, the only dealings being Dalgetys at £6/5/-, Goldsbrough Morts at 26/3, and New Zealand Guarantee Corporations at 4/-. Auckland Gas weakened from 17/3 to 17/-, and Christchurch were done at 25/6. Huddart Parkers-sold at 55/-. Dominion Brewerjes sold unchanged at 34/6. New Zealand Breweries weakened from 37/5 to 36/6. Wilsons Cement eased to 17/3. New Zealand Paper Mills firmed to 24/6, a rise of 3d., and New Zealand Drugs went at 68/-. Other New Zealand industrials tyere quiet and little changed. Australian Consolidated Industries reacted to influences in Sydney and Melbourne, and fell away from 39/- to 36/-, a loss of 3/- on the week. Broken Hill Proprietary were irregular and eased at the close to 64/3. Colonial Sugars sold at £4B/10/-. There was little doing in other Australian industrials. The Woolworths issues were fairly active during the week. The Sydney shares ranged from 23/9 to 23/8, the New Zealand issue eased to 17/9, and Woolworths Holdings (South Africa) weakened to 14/6. Woolworths Properties sold at from 24/9 to 25/-, and the rights from 1/11 to 2/-. G. J. Coles ■were quiet at 77/3; and there was a fair turnover in the rights at from 51/- to 50/-.

Taranaki Oil Fields were dull and gold mining shares inactive. Mount Morgans were weak.