STOCKS AND SHARES

Wanganui Chronicle, Volume 83, Issue 167, 18 July 1939, Page 11

STOCKS AND SHARES

SHARE VALUES FIRMER WEEK CLOSES STRONGLY AUCKLAND, July 15. Operations in the investment market on the Stock Exchange this weex were in keeping with their presentday political dependence. As the overseas position quietened down again so markets here progressed, closing yesterday around their best point for the period, with business showing an improving tendency, states the Auckland Herald. The response was most marked in Australian issues which, in spite of the political uncertainties within the Commonwealth, hardened in sympathy with the more cheerful outlook in London. The strength of these market leaders, in turn, had a beneficial effect upon front-rank New Zealand issues, most of which finished the week slightly better. Demand for Outsidq Funds A demand still exists for oversea.; funds to meet outside commitments, but it is finding little satisfaction owing to the activities of traders prepared to pay a higher price. Some rather substantial amounts for trading purposes have been dealt in during the past week, while investors are now finding it difficult to make up amounts to meet forthcoming calls in Australia. The market for Government loans has been very steady. The volume ol business completed was not heavy, buL it was an improvement on that of the previous week. A transaction took place in the new 1948 4 per cent, loan at £99 10s, which, allowing for accrued interest, gives a net price around £99, at which figure this section of the loan was issued. Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with those of last week:—

The best feature of the banks section was a partial recovery in Bank of New Zealands’ these shares moving up 6d to 38s 9d. Much stronger values also ruled for Commercials of Australia, which, following the announcement of an unchanged dividend for the year, sold up to lOd firmer at 16s lOd. Insurances generally took a turn for the better in keeping with the brighter outlook, while the improved values ruling for wool quickened interest in the pastoral and agency group. Shippings, timbers, and woollens were dull, and in breweries DoI minions were the only active issue, changing hands on an ex dividend basis at 335. Rise in Broken Hills Aller the quiet period of the previous week Broken Hill Propertary leu the way upward with a rise of 4s 9d to the closing price of 69s 9d. It has been stated that the company lias made sales of steel to Britain totalling over £1,500,000, lor delivery during the next few months. Colonial Sugars and Electrolytic Zincs also made a sharp recovery, while Australian Consolidated Industries picked up after the setback which followed the announcement of the intention to hold an inquiry into the company’s profits. Coles’ bonus came as a pleasant surprise for the market, which apparently had not anticipated any such event, as the shares advanced by the extent of the bonus immediately after it, announcement. Interest in other retail stores also quickened. Wooiworths Properties rights weakened te Is 7d owing to exchange difiiculties. Mining business remained sluggish. More interest was taken in Emperor and Loloma shares, which were firmer on account of mine developments. Marthas also improved slightly on sale, but buyers were unable to secure base metal issues at current offers.

July 15 1938 Jul; 15 193 Bonds, 15/2/43-46, 4 102* 981 Stock, 15/9/39-43, 31 100* 984 Ditto, 15/1/53-57, ■ 911 Ditto, 15/4/46-49, 4 1024 97c Ditto, 15/6/52-55, 4 1024 95 *Buyers. 1 Sellers.