SYDNEY STOCK EXCHANGE

Press, Volume XCIX, Issue 29220, 2 June 1960, Page 19

SYDNEY STOCK EXCHANGE

Week’s Trends Reviewed (N.Z. Preu Association—Copyright) _ SYDNEY, June 1. The introduction of post trading in all stocks on the Sydney Stock Exchange on Monday of this week was marked by the normal lighter trading usually found at the beginning of any week. The new system is now working smoothly and turnover is obviously growing day by day. The existence of a continuous market in every stock on the official list throughout the day is sure to have some effect on the trend of business.

The highlight of the /week’s business was the abortive offer made by Ampol to H. C. Sleigh. Sleigh shares were traded very heavily as the company’s board considered the offer, the market working ■ mainly on rumours. Before the offer Sleigh sold at 17s 9d rose to 21s lid but returned to 18s after the offer was rejected. Apart frctn this burst of excitement, the market has been very flrm, the share price index approaching the peak reached in February. Tuesday’s figure was 333.64 compared with 331.27 a week earlier. Seven sections out of 14 rose over the period, six were steady and the only group which fell was preference shares. Nonferrous metals advanced sharply, mainly due to a strong rise by Mount Isa from 63s 3d to 69s 3d. Other good rises were Recorded by engineering and metalworkers and electrical sales and manufacturing. Most leaders remained firm.