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prices were up across the board with most blue-chip stocks <unk> solid gains |
though the market was stronger dealers said fresh buying interest was <unk> ahead of a potential <unk> debate in the house of commons set for tuesday |
it will be chancellor of the exchequer john major 's first appearance before the opposition labor party |
the market is <unk> interested in hearing what he has to say about the status of the current N N base lending rate |
in london trading courtaulds a chemicals and <unk> company increased N pence to N after it disclosed plans to spin off its <unk> operations into a separately listed company on jan. N |
it was the most active of the 100-share index at N million shares N million of which were traded by midday |
jaguar ended N higher at N |
dealers said fresh buying was drawn into jaguar after a senior executive of daimler-benz the auto maker told a british television <unk> during the weekend that the west german company held talks with the luxury auto maker over possible joint ventures |
although <unk> has said it is n't interested in mounting a bid for jaguar dealers said its name further <unk> the growing interest in the british concern |
<unk> was the biggest <unk> jumping N to # N $ N on anticipation of a stock split next week |
total turnover in <unk> was a thin N shares |
in tokyo stocks had a <unk> loss monday in quiet trading with the exception of concentrated buying in some <unk> issues |
the nikkei index of N selected issues fell N points to N |
the index fell N friday |
in early trading in tokyo tuesday the nikkei index rose N points to N |
on monday volume on the first section was estimated at N million shares down from N billion shares friday |
declining issues outnumbered advancers N to N N issues were unchanged |
investors who took profits friday mostly took a <unk> attitude monday amid uncertainty in the foreign-currency market and new york stocks traders said |
<unk> <unk> an analyst at <unk> securities said <unk> expectation for lower interest rates made investors step back from real-estate shares which advanced last week |
some traders said institutions were waiting to see the u.s. jobless rate to be issued friday |
the tokyo stock price index of all issues listed in the first section which fell N points friday was down N points or N N at N |
the second section index which fell N points friday was down N points or N N to close at N |
second section volume was estimated at N million shares down from N million shares friday |
monday 's losers included railway <unk> and high-technology issues |
the energy of participating investors <unk> into tokyu group shares pushing prices of its companies up across the board |
tokyu group announced during the weekend that each group company will buy the others ' stocks to defend themselves against a rumored takeover |
the announcement fueled speculation for future advances in the shares |
tokyu department store advanced N to N |
tokyu corp. was up N at N |
tokyu construction gained N to N |
other winners monday included <unk> metals which attracted investors because of a surge in gold prices on the back of the unstable dollar |
petroleum companies were also popular because of expectations of a weaker dollar which cuts dollar-denominated <unk> prices |
share prices in frankfurt closed narrowly mixed after <unk> and <unk> trading |
the dax index closed at N up only N |
traders said turnover was particularly thin as investors waited for wall street to set the direction for the week |
most expect the decline in new york stock prices to continue this week |
another factor weighing on the frankfurt market involves fears about the impending wage talks between the ig metall <unk> union and industry representatives which could result in a wave of strikes next spring traders said |
a few blue-chip stocks posted strong gains boosted by special factors while the majority of shares ended little changed |
elsewhere stock prices were lower in brussels milan and stockholm and mixed in amsterdam paris and zurich |
stocks closed higher in hong kong manila seoul sydney taipei and wellington but were lower in singapore |
here are price trends on the world 's major stock markets as calculated by morgan stanley capital international perspective geneva |
to make them directly comparable each index is based on the close of N equaling N |
the percentage change is since year-end |
deere & co. said it reached a tentative agreement with the machinists ' union at its <unk> wis. plant ending a <unk> strike by workers at the facility |
the maker of farm equipment said the three-year labor agreement with the international association of machinists and aerospace workers at john deere <unk> works deere 's primary facility for producing lawn and <unk> equipment takes effect immediately and <unk> through oct. N N |
about N employees are covered by the new agreement deere said |
courtaulds plc announced plans to spin off its <unk> operations to existing shareholders in a restructuring to boost shareholder value |
the british chemical and textile company 's plan which requires shareholder approval would create a new listed u.k. stock with a probable market capitalization between # N million $ N million and # N million analysts said |
the establishment of the separate company to be called courtaulds <unk> could be effective as early as next year 's first quarter |
investors welcomed the move |
courtaulds ' shares rose N pence to N pence <unk> the entire company at about # N billion |
courtaulds ' spinoff reflects pressure on british industry to boost share prices beyond the reach of corporate raiders |
courtaulds ' restructuring is among the largest thus far in britain though it is <unk> by b.a.t industries plc 's plans to spin off roughly # N billion in assets to help fend off a takeover bid from <unk> financier sir james goldsmith |
the <unk> courtaulds textile operations had operating profit of # N million on # N million in revenue in the year ended march N |
some analysts have said courtaulds ' moves could boost the company 's value by N N to N N because the two entities separately will carry a higher price earnings multiple than they did combined |
in addition courtaulds said the moves are logical because they will allow both the chemicals and textile businesses to focus more closely on core activities |
courtaulds has been under pressure to enhance shareholder value since takeover speculators including australian financier kerry <unk> surfaced holding small stakes last year |
though mr. <unk> has since sold his stake courtaulds is moving to keep its institutional shareholders happy |
even without a specific takeover threat courtaulds is giving shareholders choice and value said <unk> <unk> an analyst at london stockbrokers barclays de zoete wedd |
in a statement the company said both parts can only realize their full potential and be <unk> valued by the market if they are separately quoted companies |
the sharper definition and the <unk> which each will thereby gain will benefit shareholders customers and employees |
courtaulds chairman and chief executive sir christopher <unk> will remain in both posts at the surviving chemical company after the spinoff |
<unk> <unk> corp. said its affiliated company in malaysia established this april will begin manufacturing steel doors wednesday |
its partner in the joint venture is <unk> kean <unk> metal industries <unk> malaysia |
company officials said the new company <unk> kean <unk> <unk> is capitalized at the equivalent of N million yen $ N |
the japanese concern has a N N stake while the local partner has a N N stake |
the new company was created to meet growing demand for steel doors <unk> with increasing local concern about fire prevention the company said |
barbara <unk> franklin president of franklin associates was elected a director of this building products maker |
ms. franklin N years old <unk> the position vacated by <unk> g. <unk> who retired earlier this year at age N |
nec corp. said it plans to more than double its british subsidiary 's capacity for the production of semiconductor <unk> |
officials at the japanese semiconductor maker said the company intends to increase investment in plant and equipment by N billion yen $ N million to N billion yen in the year ending march N with the extra funds used to increase production overseas |
officials said they were n't sure how the money will be distributed among overseas units but added that nec semiconductors u.k. ltd. will receive priority |
officials also disclosed it 's possible that nec may reduce domestic production of <unk> chips to five million a month from six million beginning january because of deteriorating market prices |
japan 's steel exports fell N N in september from a year earlier and were down N N from the previous month the japan iron and steel federation reported |
september was the <unk> consecutive month in which steel exports failed to reach the year-earlier level |
a federation official attributed the decline to brisk demand from domestic industries backed by continuing economic expansion in japan |
japanese steel companies are apparently focusing on domestic sales but the official said it does n't necessarily mean that local sales contracts are increasing that <unk> |
they are just too busy to meet domestic demand and have little room for overseas shipments the official said |
after a bad start treasury bonds were buoyed by a late burst of buying to end modestly higher |
the market was pretty <unk> for most of the day said robert h. <unk> vice president at <unk> bank plc |
he said some investors were reluctant to plunge into the market ahead of several key economic indicators due this week especially friday 's potentially <unk> employment report |
during the first hour of trading yesterday prices fell as much as N point or down about $ N for each $ N face amount |
but market activity was <unk> as investors started to view the lower price levels as attractive |
and the treasury 's $ N billion auction of short-term bills which generated strong buying interest helped to lift the bond market out of the doldrums |
we saw good retail demand by small banks individuals and institutions and that is one reason why the market advanced late in the day said sung won <unk> senior vice president and chief economist at <unk> corp. minneapolis |
he said the change in sentiment also reflected perceptions that the slate of economic <unk> due this week will be <unk> to a bond market rally |
the employment report which will provide the first official measure of the economy 's strength in october is expected to show smaller gains in the generation of new jobs |
other key economic indicators due this week include today 's release of the september leading indicators index and new-home sales |
tomorrow the october purchasing managers report is due and on thursday comes october <unk> sales |
despite yesterday 's modest bond market gains economists say investors are anxious about the treasury 's huge quarterly refunding of government debt the timing of which depends on congressional efforts to raise the debt ceiling |
although the treasury will announce details of the november refunding tomorrow it could be delayed if congress and president bush fail to increase the treasury 's borrowing capacity |
the debt ceiling is scheduled to fall to $ N trillion from $ N trillion at midnight tonight |
the treasury 's benchmark 30-year bond rose N point |
mortgage-backed securities were up less than N point and investment-grade corporate bonds were unchanged |
strong demand for new york city 's $ N million general obligation bonds <unk> up the municipal market |
traders said most municipal bonds ended N point higher |
the new york city issue included $ N million of tax-exempt bonds priced to yield between N N to N N depending on the maturity |
the $ N million of new york 's taxable general obligation bonds were priced to yield between N N to N N |
as expected the longer-term tax-exempt new york bonds had yields nearly as high as those on taxable long-term treasury bonds |
the yield on the benchmark 30-year treasury bond ended yesterday at about N N |
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