Gradual Firming Of Sydney Stocks

Press, Volume CII, Issue 30057, 15 February 1963, Page 13

Gradual Firming Of Sydney Stocks

(N.Z. Press Association—-Copyright)

The market has firmed very gradually on the Sydney Stock Exchange this week, the exchange reported today. The share price index rose almost two points to 305.44 after a similar rise the previous week.

Turnovers have been moderate with the oil market showing the greatest fluctuation in turnover. Leading stocks have been unusually steady with most of the market’s gain coming from quality second rankers. The tobacco stocks have been the subject of a good deal of interest following the lifting of Rothman’s dividend from 17J per cent back to 20 per cent. Rothmans rose from 37s 6d to as high as 39s 9d before coming back to 37s 9d. British Tobacco has also been strong on expectations

of a good interim report, while Philip Morris, which has reported record sales, has been at record prices up to 355.

The interim report season has started brightly with a wide range of companies reporting good results. The oil market was hesitant on Tuesday and Wednesday as the Associated Group’s Sunnybank No. 2 well and Union - Kern - A.O.G. Moonie No. 13 approached their target depths. Associated Australian, which sold at 28s 6d early on Tuesday. was back to 25s 3d on Wednesday. A.O.G. has shown little movement in the 54s to 55s range. Associated Minerals made a further advance to 425. Associated Minerals, a member of the Consolidated Gold Fields group, sold at 34s at the end of December.