GILT-EDGED IN LONDON

Press, Volume CVI, Issue 31162, 12 September 1966, Page 17

GILT-EDGED IN LONDON

Setback From 1.C.1. Loan (N.Z.P.A.-Reuter—Copyright) LONDON, Sept. 9. For gilt-edged securities it had not been a bad week until Imperial Chemical Industries announced today a £6om loan stock issue. On earlier days, quotations had been creeping quietly forward as a modest public investment demand found the market thin and sensitive. The £l9m fall in United Kingdom gold reserves had not been helpful but it had not brought out any stock. Neither had the fresh peak hit by the United States Treasury bill rate. The market had appeared brighter and the generally favourable press reactions to Mr Wilson’s Trades Union Congress speech encouraged this tendency. Uncertainty Quotations even stood up to the uncertainty induced by the assassination of the South African Prime Minister (Dr. Verwoerd). However, the big 1.C.1. loan flotation, coming on a market already heavily laden with prior charge issues, proved too much. Gains were more or less erased at the long end but small net rises were retained by mediums, and shorts stayed quite firm. Among Commonwealth loans, dealers were inclined to widen African stocks bn Tuesday afternoon, but quotes improved when support developed on Wednesday.

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