SYDNEY STOCKS

Press, Volume CII, Issue 30038, 24 January 1963, Page 19

SYDNEY STOCKS

No Headway By Market (N.Z. Press Assn.—Copyright) SYDNEY, Jan. 23. The market failed to make any headway on Sydney Stock Exchange this week, according to the exchange market review. Leaders have generally disappointed by losing recent gains. The share price index has languished around the 302 mark. In a spirited rise late last year and in early trading in 1963 the index rose more than 10 points to 304.63 in 13 successive gains. Turnovers were quite variable this week, but well below average with Monday’s turnover the lowest since January. The interim reports for the December half year have started to come in and they generally have revealed much better trading. This, of course, has been in line with market expectations and market rises have occurred in isolated instances. Week’s Highlight The highlight of the week to Wednesday came on Wednesday morning when Amalgamated Chemicals announced that the American company which is to make a cash offer for the whole of the capital will not be in a position to make its offer befor the end of February. In the meantime, directors are proceeding with expansion plans and Amalgamated Chemicals' will make a one-for-four issue at 2s M premium. The 5s shares sold Is lower at 19s 6d as a first response to this news but later rallied to 20s.

8.H.P., the market leader, fell below its floor price of 50s, to touch 48s 9d before closing at 49s lid. The Bank of New South Wales reached £4B, its highest price since 1951. The oil market has eased slightly but has generalily held up well.