Industrial Equities In London Resume Advance

Press, Volume XCIX, Issue 29301, 5 September 1960, Page 16

Industrial Equities In London Resume Advance

(Rec. 8 pm.) LONDON, Sept 3. After renewed uncertainty ait the beginning of the week, industrial equities resumed their advance in the London stock markets and much of the ground lost at the end of the previous week was regained. During the initial period of uncertainty, prices slipped back further, but later rebounded. Elsewhere, gold and tin shares moved strongly ahead early in the week and the major part of the gains were maintained to spite of subsequent profit-taking and a contraction in demand. Other sections of the market were rather neglected. The reaction in industrials at the beginning of the week reflected disappointment with the latest industrial production figures; the rise in oversees beddings of sterling and evoda in Berlin Kirf Jorctaaio < AU these Influences, however, I were pushed into the background towards the end of the week. Renewed buying appeared, some of it on Continental and American account, and scene of it for the new account which officially starts on Monday.

This, coupled with bear-cover- , ing, brought a sudden upsurge in ’ prices and many good improve- ; meats were established, mostly among well-known shares, but ’ often among less well-known issues. The gilt-edged market • was subdued throughout the week, but prices held very steady. In the foreign market, Greek ■ bonds recovered some of their recent losses, but dollar stocks 1 were easier in sympathy with ■ Wall street. ■ The previous week’s revival in 1 gold shares was taken a stage I further, helped by good development news, the ending of the state ■ of emergency in South Africa and the Strength of the gold price. : Tin shares went sharply ahead at : the beginning of the week after ' the removal of metal export quotas for the last quarter of the i year, but later turned duR. Cop--1 pen -were narrowly irregular. Oil shores Were quiet and ’ ritahOy easier. I Tea shares were narrowly . irregular, but rubbers improved, : helped by the rise in the comi modify price. In Australian mines, the only ' feature was an improvement in Mount Isa. ,