U.K. Moves Had No Big Market Effect

Press, Volume CVI, Issue 31120, 25 July 1966, Page 15

U.K. Moves Had No Big Market Effect

(X.Z. Press Association—Copyright) MELBOURNE, July 23. The British econo’mic measures announced on July 20 did not have a major effect on trading on the stock exchanges this week; mining shares dipped after profit-taking early in the week.

Sydney all-ordinaries index and Melbourne leaders both finished fractionally lower in the week to Thursday. Daily moves were: Sydney 334.83, 333.18, 332.75, 334.78, 335.04. Melbourne —113.47, 112.68, 112.50, 113.22, 113.41. Sections of the Sydney index moved irregularly. The best gain was shown in building and pastoral industries, while falls were led by base metals and building industry. General Foods Corporation of the United States has received official approval for its 12.8 m dollar cash take-over bid for Cottee’s Ltd., and has given notice of its intention to bid 4.50 dollars per 50 cent share. „

T.N.T. fell after speculation on approval of take-over offers. The major mining stocks to suffer from profittaking were C.R.A. and Western Mining which closed at 556 and 520 respectively. G. J. Coles reported a slight rise in profit to 8,267,354 dollars; Cascade Brewing reported increased profit (710,344 dollars) up 35 per cent because of full year’s

profitability from recently acquired subsidiary and reduction in note interest; Minster reported a 23 per cent fall in profit to 1.4 m dollars. Some of the main share moves for the week included: Colonial Sugar up 21 to 322; B.H.P. down 12 to 642; Cottee’s down 25 to 380: T.N.T. down 22 to 133: A.C.1.; up 10 to 600: A. and K. Cement up 12 to 145.