Market notes
CUSTOS
This is the season when stock market prices are blown hither and thither by budget rumours. The gilt-edged market has for the moment shrugged off the rumour that Mr Callaghan will abolish the lax-free zones' Which have been attracting a lot of speculative investment. It was a foolish rumour, for the last thing the Chancellor is likely to do in a Year when he has to come to the gilt-edged market for steel nationalisation is to throw this market into fresh confusion. The yield anomalies between stocks free and not free of capital gains tax should be taken advantage of by 'gross' funds, which pay no tax, switching from the dear to the cheap. Tobacco shares have suffered another spasm Of selling on budget fears. Brewery shares, too, have been affected by the same attack of nerves. Yields of 6 per cent can now be obtained from WHITBREAD 'A' and DISTILLERS. The industrial share markets went better after the la fore- cast that its capital expenditure would now decline and liquidity improve. to shares, advancing is 6d, changed the whole tone of the market
Previous page
