Market report
CUSTOS
The stock market, which had seemed to be levelling out as- private shareholders started to take their profits, shot upwards in mid-week to establish yet another new record-478—on the Financial Times index.
Slater Walker's bid for Crittall, Hope, fore- shadowed in this column a fortnight ago, has arrived. The shares have risen from 13s 81d, where I drew attention to them, to over 175, and have touched 17s 6d. This suggests that the market expects a higher bid or a counter-offer. So, too, do the prices of Smith and Nephew (bid for by Unilever) and Cambridge Instru- ment (bid for by Rank: one of John Bull's speculative holdings). In these • situations the shareholder should not sell unless he thinks the market as a whole is breaking.
Company note
Sir Halford Reddish is giving up the manag- ing directorship of Rugby Portland Cement, but will remain chairman. His report shows him as vigorous as ever—`bureaucratic meddling,' why income tax' and 'freedom in peril' are among his headlines. Sales have once again risen—from £17.3 million to £19 million. net profit rose by almost £300,000 to £3,306,451, and the board, though restricted as to its divi- dend -for 1967, is making up the difference with a first interim for 1968. Prospects for this year are promising, especially from the overseas companies.
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