GOOD TONE SUSTAINED

Evening Post, Volume CXXXIX, Issue 99, 28 April 1945, Page 9

GOOD TONE SUSTAINED

The buoyancy of the market for all giltedged and leading stocks has. been well maintained, and again turnover has been governed only by the attitude of holders, g. In spite, of the shortage of sellers, however,, business, lias been well up to the average, with Government issues„ showing up prominently. Sofar the effect of the new war loan, for which' advance subscriptions are now being accepted/, has not been apparent—not nearly, so apparent, in fact, as .some of the previous war loans. Most Government .stocks this week showed a. slight firming, and ;tbere' was a fair spread of business over.. both, the short-dated and long-. dated issues. Victory Loan 3 per cents, seem to be •as popular as ever,- and quite a few parcels, none of them very big, changed hands at -597 17s 6d and £ 98, - witb ' the market fairly steady at the lower figure. The 3% per cent. 1957-60 slipped back to £99 10s, but recovered later in the week to £ 100. The yield at the lower figure is £3 5s 3d, which is a little higher than the Victory stock at £97 17s 6d-£3 '4s id. The approximate prices^ for,.. Government' loans at this time last year, v for last' week, and "the highest prices paid "this week were :— .■"'•'.•'■ A '.':■ Last;.-(.'. This Percent. Year, year ago. week. week. 2V 2 .... 1547-"49 96% 97% ' 98 : 2% .... 1949-50 — 96%-. 96%. 2i/ 2 .... 1953 ' 95 94% '■■' *94 3 '■>...;, 1953-56 99 98%,;. 98%' 3 .... t1953-56 99 98% .'— '.-: 3 .... 1955-58 ;—■'-• 98'" ' 98 3^4 .... 1957-60 102 100 100 ' 4 .... 1949-52 105 103% '.104 4 .... 1952-55 105% 105% *105% 4 .... 1954-58' 107% 106% ,-: 106%. ♦Buyers;. tThird Liberty -Loan. Bank of New. Zealand shares haye quietened down again, and are pretty steady at 47s 9d to 48s. On the other hand,- National of New Zealand have been moving up in.rajher a spirited fashion, with sales at 57s this week, a rise of 3s over a fortnight. .This .may be reaction to the s ßank of New Zealand proposals, some people possibly expecting the National Bank to benefit if the Government takes over the Bank of New Zealand. TJnion Banks, too, have improved by 2s to £&"'63.i*Gd,. and Commercial Banks are linn at 17s> 7<d.*-- '

The insurance market Is also very'firm, with New Zealand Insurance up to £4- Ms^ National are steady at 24s 9d.,

A few Dominion Brewery shares came on the market during the week, and were quickly taken at 47s 9d and 48s. The last recorded sale a month ago was r.t 48s 3d. x

Fletcher Holdings, on the strength of a rumoured development, continued their hardening to 29s 6d early in the week, but later eased back to 295. :: • -_]■

Woolworths (N.Z.) advanced to 22s 9d, and Woolworths ■ '-(Sydnfey) h'ati sales at the improved figure; of 22s 7d.,\ [ r Another stock, that showed an improvement, no doubt because of .• the ietter reports from the mine, was Mt. Morgan, which had a reported vale at 7s 3d. • ' '■'•'•■.■