FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 586, 12 February 1929, Page 12

FINANCE & MARKETS

Market Buoyant

Oils Neglected

By “Xoon Cali."’

AVERY healthy volume of business spread over a wide range of investments has been recorded on ’Change over the past 24 hours. A further substantial decline in oils is one of the features.

Fluctuations Price movements shown by sales over ttie past 24 hours compared with the last price includes:— Sank of New Zealand, rise of 3d. Huddart-Parker, rise of 3d. Northern Steam (ord.), rise of 2d. Union Sank of Australia, rise of (approx.) 1s 6d. Grey and Menzies. rise of 1s 6d (last sale August). Union Oil. fall of 1s 9d (last sale October). New Zealand Breweries (deb.), rise of 3d. Sanford (ord.), rise of 6d. • • * market for banking scrip holds : -*■ very Arm with every movement tip ward. Australian of Commerce shares were sought at 34s 6d at the early call, with sellers asking 35s 6d, compared with a market at 34s Id a week ago. New Zealands rose to new high levels, being dealt with outside the call-room at 635. Unions of Australia are also firmer, sales taking place at the early call at £ls 8s 6d « Melbourne register), compared with £ls 6s (New Zealand register) at the dose of last week

Following the bad news from the 9'ine yesterday, the bottom has fallen light out of the market for Hikurangi Coals, and sellers, on a weakening market, cannot find quotable support on any level. Westports are veryfirm, and buyers offered 30s 3d this morning without drawing a declaration from sellers.

In the shipping group Huddart Parkers have a firming tendency, sales being reported this morning at 48s 6d,

compared with 48s 3d last week. Northern Steams are gradually working back toward par, and sales were made at 14s 3d this morning, 2d in advance of the market at the time of the last sale three weeks ago.

Oils are very weak. Sellers of Taranakis dropped to 5s this morning to find buyers at mid-day 3d below the earlier call price of 4s 6d. Blenheims, offered at £4 10s at the early call, were not supported. The price asked at mid-day was £5. The gilt-edg«"d market holds in very firm tone, with interest rates for most ot' the better-class local body debentures now definitely established below tho 51 per cent, level. There is a widespread demand for this class of investment.

Business yesterday afternoon:—On ’Change: Commercial Bank of Australia. 29s Id; Waihi Mining, 14s; Mount Lyell, 425. Reported: Grey and Menzies, 11s; Victoria Nyanza Sugar, 44s 9d; Union Oil, Soap and Candle Co.. 41s 3d; Waihi Mining, 14s Id: Devonport Borough, 4£ per cent., £93. Business at this morning’s early call;—On ’Change: Union Bank of Australia (Melbourne register), £ls 8s 6d (2 parcels); Northern Steam (ord.), 14s 3d; N.Z. War Loan, 1938, 4£ per cent., £99 15s; National Insurance, 16s 2d; Milne and Choyce (deb. stock), 26s 3d; Huddart-Parker, 48s 6d; Wellington Woollens (ord.), £7 ss.

Business at mid-day:—On ’Change; New Zealand Breweries (deb.), 26s 6d, Reported: Bank of New Zealand, 635; Milne and Choyce (deb. stock), 26s 3d; Sanford, Ltd. (ord.). 18s.