Banks Very Firm

Sun (Auckland), Volume II, Issue 422, 2 August 1928, Page 12

Banks Very Firm

KEEN DEMAND FOR BONDS

AVERY firm tone is registered in the market for banks, several shares showing a rising tendency. The market, generally, although the volume of business is small, is in good tone.

Commercial of Australia Banks are slightly firmer, steady buyers improving to 30s 9d this morning only drawing sellers down to 30s lOd. Australasias have moved up to see business at £l4 18s. Sellers at £ls at the early call withdrew at mid-day, and buyers were left in at £l4 17s 6d. New Zealands are also firm, yesterday’s renewed strength being sustained, and sellers at 60s 3d are supported by buyers at 60s. Unions of Australia are participating in the general upward movement, and buyers at mid-day moved up 2s on yesterday’s offer to £l4 18s. In the insurance section, New Zealand’s have strengthened since the publication of the company’s annual balance-sheet, and, with no sellers, buyers now offer 435, 6d in advance of the latest mrfrket. Coals are quiet and, although a very strong demand continues for Hikurangi scrip, no actual business is reported. Sellers of these should appear very hard to locate. Pukemiro’s continue very firm with no sellers quoting.

Whittome Stevenson’s are very firm and show a rising tendency with sellers at 50s supported by buyers improved to 47s at mid-day. Mt. Lyell's and Ohinemuri’s are the only mining shares receiving much attention. Waihi’s are quiet, and most of the scrip in the other listed companies is depressed and idle. Golden Age ordinaries were dealt with this morning after many weeks of neglect. Sellers then withdrew and more were wanted. The gilt-edged market is very firm, the demand being particularly keen for Government bonds and stocks. No sell ts were quoting in these sections this morning, and the market for most stocks moved up a point or so. Easiness yesterday afternoon: Reported—Commercial Bank of Australia, 30s 9d; Bank of New Zealand, 60s. Business at this morning’s early call: Reported—Huddart Parker, 495. Business at midday: Reported— Bank of Australasia, £l4 18s: Gear Meat, 40s 6d; Golden Age Mining (ord.), 2£d.