U.K. SHAREMARKET BEFORE BUDGET

Press, Volume C, Issue 29488, 14 April 1961, Page 19

U.K. SHAREMARKET BEFORE BUDGET

(Special Correspondent NZ.PjIJ LONDON, April 13. Share markets were marking time today, with buyers taking a more cautious line because of the approaching Budget.

On the whole, industrials kept fairly steady but some profit-taking, which was not surprising after the recent advances, caused prices to droop in places. Although the atmosphere was a lot calmer with dealers trying to sort themselves out after the rush of last week, investors generally were resisting temptation to cash in on the big profits they now show. But the whole market remains confident and buoyant. At the start of the new account on Monday which will take investors over next Monday’s Budget the stock

exchange experienced its busiest day for 15 months. The share index had risen 15 points without interruption over the previous eight business days. There is plenty of room for pausing, but the general undertone seems stable, still encouraged by Wall street and optimistic reports of the outcome of the Kennedy-Macmillan talks. The "Daily Telegraph” says in the broad sense the stock markets are displaying such indifference to the coming Budget as to suggest that, short of some sort of major shock, they are unlikely to be greatly affected. “All the indications are that for some little time buyers will continue to outweight sellers, always provided the behaviour of Wall street continues to give moral support. “Watch Wall Street” “Investors here must keep a watchful eve on Wall street,” the “Daily Telegraph” says. American bankers and brokers are “going nap” on the President turning economy upwards, says the “Daily Mail.” “It is mostly a hunch at present but that hunch is that American economy will soon move from half speed to full ahead. “What is good for American business is usually good for the world’s business. Expansion in America and Europe should mean much better business for Commonwealth countries.”