Share Prices At High Level In Sydney

Press, Volume CI, Issue 29742, 8 February 1962, Page 17

Share Prices At High Level In Sydney

(N.Z. Press Association —Copyright)

MELBOURNE. February 7. Share prices reached their highest level for about 15 months on the Sydney Stock Exchange this week, the exchange reported today. The market was particularly strong on Wednesday after the Prime Minister’s announcement of measures to stimulate the economy. The measures were generally widely forecast and anticipatory rises pushed the share price index up 3.09 points to 312.77 on Tuesday, the third successive weekly gain. Although the index is at its highest level since October, 1960, it is only a fraction above the 1961 peak recorded in June. Probably the most significant measure as far as the market is concerned is the proposal for a 20 per cent, investment allowance for manufacturing industries, a virtual subsidy on the introduction of new plant. The reduction of sales tax for cars saw good gains in the depressed motor section while prospects of increased protection for the textile group led to other good recoveries Protector Safety Industries which sold as low as 7s 6d when first listed recently firmed most impressively to Us 6d. Strong Stocks Stocks to be particularly strong this week included Associated Securities. Automobile and General Finance. Bitumen and Oil, Brickworks, Commercial Union. Hunt Bros., Hunter Douglas. James Hardie, Kandos, Moulded Products, Mauri

Bros., Philip Morris, Reid Murray, Steel Mills, and Tooheys. Oil stocks generally eased this week. A.O.G.'s premium issue had been favourably received when first announced but the shares have now fallen about 5s to around 625. United Uranium rose to as high as 8s in Melbourne on reports that the company was negotiating for a prospect on the Arltunga gold field near Alice Springs. The reports were later confirmed by the company but the shares have fallen to around 4s.