Market Rises Strongly On Sydney Stock Exchange

Press, Volume C, Issue 29435, 10 February 1961, Page 17

Market Rises Strongly On Sydney Stock Exchange

(NZAA.-Keutar—Coppripht) SYDNEY, February 8. After several weeks of very steady prices, the market rose strongly on the Sydney Stock Exchange this week. The ordinary share price index rose 6.21 points to 291.30—the highest level since November 23 last year.

The market was the most active for some time with turnovers heavier and a wider range of stocks traded.

A feature of thia renewal of activity was a number of very large parcels traded. Two stocks rose in response to rumours of forthcoming bonus issues.

W. R. Carpenter, island trader, with wide investment interests, rose from below 27s to as high as 31s. Concrete Industries has risen from below 17s to 19s.

This company has a large share premium reserve as a result of its take-over activities.

Other leaders to rise included Colonial Sugar up to £5 2s 8d to £7B 12s 6d, Bank of New South Wales 17s 6d higher at £35 15s, and Tooths higher at 645. Long Expected Both C.S.R. and Bank of New South Wales have long

been expected to make new share issues. Most observers believe capital benefits are overdue from Tooth, which, with Carlton and United is one of Australia’s two largest brewers. Bowling Centres (Holdings) with a paid-up capital of almost £l.sm was added to the list this week. The 5s shares, paid to 2s td. opened at 2s M but edged up to 2s Bd. The underwriter, Melbourne broker J. B. Were, who was left with a large proportion of the original issue, was reported to have placed 650,000 shares at 2s TH. possibly with a United States buyer.