BANK SHARES ADVANCE

Evening Post, Volume CXXXIX, Issue 147, 23 June 1945, Page 9

BANK SHARES ADVANCE

Bank- of New Zealand shares have again been the centre of considerable interest and speculation this week, arid at one point prices rose to the hew high level of-51s. That some reaction should follow' the statements read at the annual meeting ot shareholders last inday week was generally expected, .and it was immediate, with activity most, pronounced, in Christchurch and Auckland. .-l^tWp. fou' ™H!-" following: the opening of .the^xchanges this, week, the price raced up.to^ls,-;|Tst on ;the southern- exchange,; and theminAuckland- :pn. the local 'exchange :. the , positioa^was much more subdued and' the highest-reported sale was at 49s 6d. Yesterday no,, buyers were reported, but sellers were asking?^s 3d here. However, the excitement seems }to^;have subsided a bit, and the price was a .•shade easier at the weekend, wltfo round about 50s a fair market price. Buying early, in the week was VeNatiorial Bank shares; eased slightly, but nicked up aMittle to 57s 3d, with a fair demand but" little business going through. Australian bank shares are in reasonable demand at steady prices. Last week the Australian limits on . Commercial Bank of. Australasia Were reduced, this being the only bank affected. Sellers locally were asking 18s 2d,, which was a little above recent market values. In the miscellaneous section there is a continued strong demand for sound shares, and there has been an average turnover. In breweries New Zealand have hardened to 44s 6d, cum div. Dominion Breweries, which have lifted-their dividend another Vz Per cent., have also been in demand, buyers increasing their limits. to 50is 6d, cum div. . .Chain stores are quiet, but firm, Woolworths, f Coles, and McKenzies all being steady at late rates, with, very few transactions going through. Fletcher Holdings are not quite so strong as they have been, and prices have receded a little from their high point of 31s 9d, ;with reported sales at 31s 4d and 31s 2d. Of the Australian issues Felt and Textiles have picked up considerably over the last few weeks. This week a sale went through at 575, whereas at the beginning of May the price was about 54s 9d. Broken Hill, Mount Lyell, A.C.1., and Colonial Sugar all show a firming on the week. , . New Zealand Government Stocks have met with a better demand this week, as is usually the case after the filling of a big loan, and prices all round were inclined to firm. Very few parcels are coming forward. . » The approximate prices for Government loans at this time last year, for last week and the highest prices paid this week, were :— Per A year Last This cent. Year. ago. week. week 2y 2 .... 1948 99% *97% *97% I\'z .... 1947-49 98y 2 98V4 <■ 97% 2y 2 .... 1953 95V4 01% 94% 3 1952-55 99% 9S * -98% 3 11953-56 100'^ 95% 97% 3 1955-58 -*- 98-14 95% SVz .... 1953-57 103% 1021/ a *102V4 4 ..... 1946-49 102% 101% 101% 4 1949-52 101% *102% *102y 4 •Buyers. tThird Liberty Loan.