Market Notes
By CUSTOS
THB new account on the Stock Exchange opened hesitantly, although there was a good deal of speculative activity in the numerous 'take- over bid' situations. At the end of last week the index had dropped two points on the dis- appointing half-yearly results of LEYLANDS and MARLEY TILE. This week there has so far been no shock, except for the not unexpected sharp fall in BRITISH AND COMMONWEALTH profits, which no longer cover the dividend. In spite of all the uncertainties. the life assurance companies are once again on the feed for equity shares. Last year they had underbought, their quota of equities being f86 million against £156 million in 1964. This was only 13.6 per cent of their total news investment. Normally -equities take 25 per cent or more of their new money. Of course, they are very selective in their buying and tend to avoid the high-yielding and more speculative
equities taken up by the unit trusts, who offer high income yields as bait for new small in- vestors. But they buy large holdings when they are in the market, although they do not emulate the Church Commissioners, who have put about f200 million in only 200 equity shares.
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