SYDNEY STOCKS

Press, Volume CI, Issue 29748, 15 February 1962, Page 18

SYDNEY STOCKS

Market Rose

Each Day

(NZ Press Assn.— Copyright) SYDNEY, Feb. 14.

In the most sustained burst of confidence for some considerable time the market rose every day on Sydney Stock Exchange Wils week, the exchange reported today.

Announcement by the Prime Minister of proposals to stimulate the economy had been anticipated to some extent, but release of the actual details led to an even more spirited rise. The Stock Exchange share price index bad risen 15.21 points to 324.41 in eight successive daily rises to Tuesday. The market remained firm on Wednesday but an uneven tone had developed with a lower ratio of rises to falls.

Second rank industrial stocks made She best immediate gains. Leaders were slow to respond but recorded the best rises later. BfH.P.. with a rise to around 695. has fully recovered from the slump to as low as 635. which followed the announcement of the debenture issue. Other Gains Other leaders to record gains were A.C.I. Associated Pulp, David Jones, Drug Houses, 1.C.1.A.N.Z. and Myer. Building materials and the automotive industry made the best gains. Company news has generally been light with little takeover and issue activity. Oil stocks were generally a shade weaker but they are holding up remarkably well. Following the flotation of Planet Oil and Beach Petroleum, two new companies have been formed—Exoil (sponsored by Oil Drilling and Exploration) and Mid Eastern Oil (sponsored by Woodside (Lakes Entrance). Other mining stocks have been quiet although Mt. Isa finished very strongly.

Put And Call Opt ions

Put and call options were discussed by Dr. M. D. Garretty, chairman of directors of Stock Options of Australia Pty., Ltd., in a talk yesterday to members of the Christchurch Stock Exchange. Put and call options are now available in four Australian cities, Dr. Garretty said: New Zealand clients may deal in them, through their local brokers, but transactions must be made in Australian currency.

A.N.Z. Bank.— The A.N.Z. Bank proposals to cancel the uncalled liability on its ordinary shares have been approved by the Chancery Division of the United Kingdom High Court of Justice. It establishes issued capital at the existing level of £ 10.2 m—by abolishing the uncalled 20s on each of 8.5 m ordinaries and cancelling 3.8 m unissued “B" shares. All shares are now in a single class of £l.