LONDON STOCKS

Press, Volume CI, Issue 29763, 5 March 1962, Page 20

LONDON STOCKS

Incentive Lacking (N.Z .P.A.-Reuter—Copyright) LONDON, March 2. Stock markets again lacked incentive during the last week and with business mainly of a two-way character no definite trend was established. Company statements were again mostly disappointing while the major item of interest was still the Imperial Chemical-Courtaulds affair. Shareholders of Courtaulds had voluminous statements from both sides to contend with but perhaps the most important was the announcement that Imperial Chemicals had declared their offer unconditional . whatever per centage of Courtaulds capital they obtained. After this news Courtauld’s share price went ahead and the turnover in the market was said to have been of considerable proportions. Imperial Chemicals showed a useful gain on the week. The chancellor of the Exchequer’s reference to the high rate of Government expenditure at first indicated a further bout of inflation but enthusiasm was checked by the prospect of a restraining budget in just five weeks' time. Shares Steady Good car production figures helped motor shares at one time but best prices were not held. The Unilever results were better than expected but the shares merely held steady. Bank shares were supported and insurances staged a mild recovery after recent dullness. Gilt-edged were quiet but occasional support was responsible for several small gains. South African gold shares drifted aimlessly while coppers were again overshadowed by political uncertainties. Tin shares were irregular. Oil shares finished the week on a firm note after better than expected profit figures from Royal DutchSheel transport group. Australian Oil and Gas rose more than 20s during the week on the latest development news. Australian mining shares often lost ground. Mount Morgan receded on the reduction in the interim dividend. New Broken Hill and Consolidated Zinc were also lower. Dalgety were a dull market. Goldsbrough mort were unaffected by the news of the proposed merger with Elder Smith.