Prices In London Just Manage To Edge Ahead

Press, Volume C, Issue 29478, 3 April 1961, Page 9

Prices In London Just Manage To Edge Ahead

(N.Z JP.A .-Reuter—Copyrig ht)

There has been little to induce buyers to extend commitments in stock markets during the last week, but prices have managed to edge further ahead, a Reuter commercial correspondent reports.

In the first few days sentiment came under the influence of the threatening situation in Laos. However, as tension eased so buyers gained more confidence and although there was still the prospect of a discouraging balance of payments, White Paper and Budget uncertainties prices were quick to respond to any buying attempts.

The volume of business has still been fairly considerable with buyers predominating towards the end of the week. Rather more interest was displayed in gilt-edged se-

curities and prices steadily improved. In a quiet foreign market Greek bonds fluctuated somewhat to end the week lower on balance. Industrials continued to attract most attention and every day there was a big demand for "call" options from people looking for higher prices in three months. Optimism There were numerous company statements, most of which have been satisfactory and caused a good deal of optimism in the outlook. Brewery shares encountered a good deal of profittaking at one time, but following the announcement of

a big merger between Ind Coope, Tetley Walker, and Ansells Brewery there was a return of buyers and prices resumed their upward course.

Elsewhere a feature was the advance in Associated Newspaper shares, first on rumours of a take-over and then following the statement that disoussions were taking place with Price Brothers, the Canadian newsprint group, with a view to acquiring the capital of Anglo - Newfoundland Development, in which Associated Newspapers has a 51 per cent, interest. Business in South African gold shares remained on a rather restricted scale and prices were mainly lower on balance.

Coppers moved erratically, but were lower on the week. Tin shares, however, regained most of the falls established earlier in the week, when sentiment came under the influence of the Laos situation, and showed some net gains.

Oil shares were firm in response to some investment buying.