FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 531, 7 December 1928, Page 12

FINANCE & MARKETS

General Trend Upward

Union Banks Advance

(By

“Noon Call,”)

LATE hi'.rh rates for all the Letter class securities on ’Change continue well maintained. The market has a very firm tone, with the general tendency upward.

In the bunking section New Zeatouched new high level yesteriny afternoon, sales being recorded at :s sd. compared with 62s 3d earlier n the week, and 61s 6d three months »co. Commercials of Australia are . » ry firm with sellers holding for 30s ,d. In pursuance of the policy laid iown at a general meeting of the 'hareholders in December of 1926, the Erectors of the Commercial announce riiat they will place a further 500.000 Len-shilling ordinary shares on the narket at an early date. Although :he premium has not yet been announced it can be quite reasonably xpected to be set at Ids. nions of Australia are very firm, sales taking place in the call-room up to £ls 10s • «l. compared with £ls 9s earlier in 111 e week. 1 P. * Continued faith in loan and agency >o in panics dealing with the man on the l.tnd reflected by the strength of the market in this section. Buyers predominate. and any movement of the proven securities is upward. New Zealand Guarantee Corporations, at a middle price of 8s 6d, promise one of the best immediate returns in the croup, the class of business which the • *nu ;itiv handles not being regarded in tliw highest favour by investors seeking gilt-edged securities.

The insurance group is quiet. New j Zealands are unsupported. Buyers of A.P.A.’s moved up 3d to os 3d this I morning without drawing sellers. * * * With thp exception of Innes, Ltd., and New eZalands, the brewery sections is quiet. Steady buyers remain in for the former, while New Zealands were offered at 555, to find support at 54s 3d. * * * Taranaki Oils are attracting a considerable amount of attention at the moment. Buyers improved Id during the morning to 5s Id and found sellers firm at 5s 6d. Little to give rise to rosy forecasts is coming out of the company’s head office at the moment. The usual uninteresting work, destitute of favourable developments, seems to be going on at the Morere bore. Business yesterday afternoon.—On Change: Taranaki Oils, ss: Wilsons Cement. 41s 4ld; Bank of New Zealand. 62s sd. Reported.—Holden’s Motors, 29s 3d; British Tobacco, 455. Business this morning.—On ’Change: N.Z. Breweries, 25s 4d. Reported: Bank of Australasia, £l4 14s. Business at mid-day.—On ’Change: Colonial Sugar, £59; Union Bank of Australia, £ls 10s, and £ls 10s 6d. Reported: Waihi Mining, 14s 8d: Electrolytic Zinc (ord.), 35s 3d: Northern Steamshij), 13s 3d.