Market notes
CUSTOS
Equity shares have once again demonstrated that they are still in a 'bear' market. They have had a substantial recovery after the Financial Times Index fell from 374 to 284 in four and a half months but this recovery (at 311) is clearly petering out. There is a lot of bearish com- ment about the squeeze effects upon the con- sumer trades and in particular the holiday camps, BUTLINS being a particularly weak market. For the first time for many years GUS is not expected to produce its annual rise in profits for the year ended March. HOUSE OF FRASER, however, is being held up by the buying of SCOTTISH AND UNIVERSAL INVESTMENTS (controlled by the Fraser family) which has already acquired nearly one-third of the equity shares. Whether an offer for the whole of the equity issue is on its way is anyone's guess.
GENERAL ELECTRIC have lost their bid for TELEPHONE RENTALS, which is good news for PLESSEY, who are the main suppliers of its telephone equipment. TELEPHONE RENTALS have fallen and may continue to do so until GEC have unloaded the 11 million shares they bought in the open market.
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