Reflecting a Bright Outlook

Sun (Auckland), Volume II, Issue 536, 13 December 1928, Page 12

Reflecting a Bright Outlook

Strong Tone on ’Change

(By “Xoon Call,”)

THE bright financial outlook of the Dominion continues to be refleeted on ’Change. A heavy volume of business has been put through over the past 24 hours, with investors apparently making a wide search for investments which show prospects of appreciating, following a general improvement in industrial conditions.

Ranks show increased activity on a V. 1 V firm market. Several parcels of New Zealands changed hands this morning at 61s 6d. a price 3d in advance of tiie market last evening. More were wanted at that figure. Commercials of Australia are very firm. Adelaides are active on all New Zealand '''hanges. several sales taking place yesterday and this morning at £lO. Insurances are quiet. Buyers of A.P.A.’s moved up 3d to 5s 6d this morning. New Zealands are slightly weaker, with sellers at 46s 6d, supported by buyers at 45s 6d. South British hold a market in the vicinity of 63s 9d. In coals Pukemiros are very firm with buyers at 65s failing to draw a declaration from sellers. Renowns are easier following sales yesterday at 3 5s 6d. A sale was made at 15s 3d at this morning’s early call, sellers then withdrawing to 15s 9d, but buyers were not prepared to offer more than 14s 6d at mid-day. Breweries continue in the limelight, New Zealands being dealt with at 57s *d this morning. Steady buyers of lnnes, Ltd., fail to draw sellers on to the market. * * * Iri the miscellaneous group Sanfords. Ltd., show further weakness, h<=Mng dealt with at 17s 6d. compared with 18s at the date of the last re-

corded sale in September last. The reason for the lack of faith in this scrip is hard to understand. The directors have declared the usual interim dividend during the week, and it was reported that an amicable agreement had been reached with the Wellington concern which was threatening to enter into the field as a strong competitor. On the surface the shares seem to have attractions at present market rates. Business yesterday afternoon; National Bank of Australasia (con.), £9 7s; Bank of New Zealand, £3 Is 3d; Devonport Steam Ferry, 255; Milne and Choyce (deb. stock), 265; New Zealand Breweries, 57s 6d; Taranaki Oils, 5s 4d. Business this morning—On Change; Renown Collieries, 15s 3d; Bank of New Zealand, 61s 6d (two parcels); New Zealand Inscribed Stock, 1933, 5£ per cent., £lOl 10s. Reported: Bank of New Zealand, 61s 3d; New Zealand Breweries (deb.), 25s 9d; New Zealand War Loan, 1938, 4J per cent., £99 3 os. Business at mid-day.—Reported: New Zealand Breweries, 57s 6d; Union Bank of Australia, £ls 10s 6d; Commercial Bank of Australia, 30s 9d; Bank of Adelaide, £10; Devonport Steam Ferry, 255; Sanford, Ltd. (ord.),. 17s 6d.