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JOHANNESBURG GOLD SHARES CLOSE MIXED TO FIRMER | Gold share prices closed mixed to
slightly firmer in quiet and cautious trading, showing little
reaction to a retreat in the bullion price back to below 420
dlrs and a firmer financial rand, dealers said.
Heavyweight Vaal Reefs ended eight rand higher at 398 rand
but Grootvlei eased 40 cents at 16.60 rand, while mining
financials had Gold Fields up a rand at 63 rand despite weaker
quarterly results. Other minings were firm but platinums eased.
Industrials also closed mixed to firmer, the index once
again hitting a new high of 1757 from Friday's 1753 finish. The
overall index also hit a new high of 2188 versus 2179 on
Friday.
REUTER
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FEEDER CATTLE FUTURES SET NEW HIGHS, TURN MIXED | Feeder Cattle futures advanced 0.20 to
0.30 cent at the start and posted new season's highs in April
through August and October before slipping to trade 0.10 cent
lower to 0.20 higher in latest trade.
Futures ran up to new highs at the start on general demand
prompted by continued strong cattle fundamentals. Posting of
another 10 cent gain in the latest reported average feeder
steer price added to support, traders said.
However, prices retreated on profit-taking following the
lead of other meat pits. Stotler notably sold April on the
decline, they said.
Reuter
|
CBT CORN SPREADS | 1000 hrs cdt
MONTHS LAST DIFFERENCE
Jul/May 3-1/4 over 3-1/2 over
Dec/Jul 12-3/4 over 13 over
Jul/Sep 4-3/4 under 5 under
Sep/May no quote 8-1/4 over
Sep/Dec no quote 8-1/4 under
Dec/Mar8 no quote no quote
May/Dec 16 under 16-1/2 under
Reuter
|
TEXAS PANHANDLE/W OKLA FEEDLOT ROUNDUP - USDA | Cattle in the panhandle area monday
were 0.50 to 1.50 dlr higher. Trading was very active.
Feedlots reported very good interest and inquiry from
buying sources. Confirmed sales of 22,700 steers and heifers
8,100 head. There were 37,900 head sold for the week to date.
Steers - good and mostly choice 2-3, 70-85 pct choice,
1025-1150 lb 69.00-70.00, late mostly 69.50-70.00.
Heifers - near 350 head mostly choice 2-3 1000 lb 68.25.
Good and mostly choice 2-3 950-100 lb 66.50-68.00, late mostly
67.00-68.00.
Reuter
|
MIDWEST GRAIN FUTURES 11:00 EDT | MINNEAPOLIS WHEAT
MAY7 284 3/4 UP 1 1/4
JUL7 280 1/4 OFF 1/2
SEP7 277 UP 1
DEC7 -- --
MAR8 -- --
|
VOLCKER PUSHES SPENDING CUTS OVER TRADE BILL | Federal Reserve Board Chairman Paul
Volcker said reducing the federal budget deficit was a more
important goal for Congress than drafting trade legislation.
"Reduce the budget deficit," Volcker responded when asked by
a member of the Senate Banking Committee about trade
legislation priorities.
"If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," he said.
Reuter
|
MIDWEST GRAIN FUTURES 11:01 EDT | MINNEAPOLIS WHEAT
MAY7 284 3/4 UP 1 1/4
JUL7 280 1/4 OFF 1/2
SEP7 277 UP 1
DEC7 -- --
MAR8 -- --
|
CBT SOYBEAN SPREADS | 1000 hrs cdt
MONTHS LAST DIFFERENCE
May/Jul 1 under 1 under
Jul/Aug even even
Sep/Nov 1-1/2 under 2-1/2 under
May/Nov 2-1/2 over 2-1/4 over
Jul/Nov 3-1/2 over 3-1/2 over
Nov/Jan 6-3/4 under 6-3/4 under
Aug/Sep no quote 5 over
Mar/May8 no quote no quote
Jan/Mar8 no quote no quote
Reuter
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SIOUX FALLS CATTLE UP 0.50 DLR - USDA | slaughter cattle rose 0.50 dlr in
active trade, the usda said.
stees - choice 2-4 1100-1400 lbs 66.00-67.00.
heifers - load choice 3 near 1225 lbs 66.50. choice 2-4
950-1125 lbs 64.00-66.00.
Reuter
|
CBT SOYBEAN OIL SPREADS | 1000 hrs cdt
MONTHS LAST DIFFERENCE
May/Jul 0.34 under 0.35 under
Jul/Aug 0.16 under 0.17 under
Jul/Dec 0.78 under 0.77 under
Aug/Sep 0.16 under 0.16 under
May/Aug no quote 0.52 under
May/Dec no quote 1.12 under
Dec/Jan no quote no quote
Reuter
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FLASH SIOUX FALLS HOGS UP 1.75 DLR - USDA | barrows and gilts rose 1.75 dlr in
active trade, the usda said. us 1-3 220-250 lbs 51.75-52.00.
Reuter
|
CBT SOYBEAN MEAL SPREADS | 1000 hrs cdt
MONTHS LAST DIFFERENCE
May/Jul 0.10 over 0.10 over
Jul/Aug no quote even
Jul/Dec no quote 1.40 under
Oct/Dec no quote 1.40 under
Dec/Jan no quote 0.60 under
Oct/Jan no quote 2.00 under
Reuter
|
AMERICAN SPORTS ADVISORS <PIKS> TO LIQUIDATE | American sports Advisors Inc
said it has agreed to sell its sports handicapping and
publication business to Professor Enterprises for about
1,650,000 dlrs and intends to liquidate after closing.
The transaction is subject to shareholder approval.
Professor is owned by American Sports president Edward C.
Horowitz and Mike Warren, it said.
Reuter
|
N.Y. COFFEE FUTURES SLIGHTLY HIGHER, THIN EARLY | N.Y. coffee futures were marginally
firmer midmorning, trading in ranges of no more than 0.50 cent.
May was up 0.16 cent at 102.20 cents at 1052 hrs EST, in a
range of 102.00 to 102.50 cents. July was up 0.15 at 104.15
cents in a 35-point range.
Traders said reports that the U.S. State Department does
not forsee a meeting with Brazil prior to the next
International Coffee Organization session in September did not
affect the market as the news was expected.
Operators are watching the cash market for indications of
roaster interest or producer selling.
Reuter
|
THATCHER FIRM AS PRESSURE MOUNTS FOR ELECTIONS | As pressure mounted on British Prime
Minister Margaret Thatcher to call a June election, she said
today that the decision on when to go to the county was hers
and hers alone.
She was speaking to parliament after senior members of the
ruling Conservative Party urged her to call elections due in
June 1988 a year early in the wake of two more opinion polls
giving her party a commanding lead.
Asked by a Conservative back-bencher for an assurance that
the decision was hers alone, and did not depend on "media hype,
pressure and speculation," she replied: "The date of the next
election will be decided by Downing Street, not Fleet Street."
Downing Street is the Prime Minister's official residence,
Fleet Street the traditional home of the British national
press.
A Harris poll for the breakfast-time program TV-AM gave the
Tories 43 pct of the vote, representing a majority of 132 seats
in parliament, their biggest lead since the party's landslide
victory in the 1983 elections.
In The Times of London, a MORI poll gave the Tories a 92
seat majority. It was the sixth poll to show the ruling party
with a big lead over the opposition Labour Party and the
fast-improving centrist Alliance.
Leading the chorus urging Thatcher to go to the polls in
June, Sir Marcus Fox, vice-chairman of the influential 1922
committee of Conservative back-benchers, said: "I have always
felt that it would be June, and this reinforces my view.
"I always thought June was right. We have got most of our
legislation through and to go beyond that I do not think would
be in the national interest."
Another Tory back-bencher, Anthony Beaumont-Dark, said: "I
have always been an October man, but I think it would be good
to get it out of the way now."
Their comments came as government officials dismissed
speculation about a snap election to coincide with local polls
in May, timed to reap maximum advantage from the recent
popularity surge, Thatcher's successful trip to Moscow and
Labour's current popularity slump.
Calls for a May poll were also prompted by Tory concern
over a steady advance by the Alliance, and the possibility that
if it continues it could rob the Conservatives of an overall
majority in parliament.
Today's MORI poll showed an Alliance gain of eight points
over the past month in around 100 key marginal seats where the
outcome of the next election is likely to be decided.
Reuter
|
PORTUGUESE AIRLINE CONFIRMS AIRBUS A310 ORDER | Portugal's "flag carrier" airline TAP has
confirmed an order for three Airbus Industrie <AINP.PA>
A310-300 passenger aircraft, British Aerospace Plc <BAEL.L>
(BAe), one of four shareholders in the international Airbus
consortium, said.
BAe said in a statement TAP had also taken options on
another two Airbus aircraft, either the existing A310-300
medium range craft or the long-range four-engined A340 which
Airbus hopes to launch in 1992, depending on the airline's
needs.
BAe said the firm order confirmed a commitment taken by TAP
in January. Details of the value of the contract, delivery
dates or which engine would power the aircraft were not
available.
Reuter
|
FLASH ST PAUL HOGS UP 1.00/2.00 DLRS - USDA | barrow and gilt prices rose 1.00 to 2.00
dlrs in very active trade, the usda said. us 1-3 220-260 lbs
51.50-52.00.
Reuter
|
VOLCKER SAYS RESTRICTIVE MONETARY POLICY WOULD HURT INVESTMENT
| |
WORLD SUGAR FUTURES TUMBLE IN EARLY TRADING | World sugar futures tumbled early when
sell stops were triggered at 6.60 and 6.55 cents basis the spot
contract, traders said.
Spot May dropped 0.27 cent to 6.52 cents a lb. It opened at
6.72 cents.
Trade houses worked both sides of the market, analysts
said.
The decline may have been a continued reaction to the
market's inability yesterday to breach resistance around 6.93
cents basis May, which unsettled traders, analysts said.
The market should draw support from buying tenders slated
for tomorrow and Saturday, they said.
Reuter
|
GOLD AND SILVER CLOSE OFF HIGHS IN ZURICH | Gold and silver closed off the day's
highs on profit-taking, but silver, which continued to set the
pace, remained well up on yesterday's close, dealers said.
Underlying speculative demand for silver remained strong
but profit-taking eroded the gains, taking the metal off
indicated highs at around 6.80 dlrs to close at 6.64/66 dlrs an
ounce. Yesterday's close was 6.52/54 dlrs.
Some investors were noted selling gold and switching into
silver. This combined with profit-taking to push gold down to a
close of 418.50/419.00 dlrs from its opening 421.80/422.20 and
yesterday's 421.50/422.00.
Dealers said it was unclear if the silver rally had peaked
or if fresh gains could be achieved in New York.
"A lot depends on the Dow Jones index," one dealer commented.
"Further gains in stock prices would take away a lot of the
support for silver and gold."
Platinum ended 50 cents higher at 563/567 dlrs.
REUTER
|
SWEDEN'S ERICSSON WINS U.S. ORDER | Sweden's Telefon AB L.M. Ericsson
<ERIC.ST> said it has won its third contract from U.S. West Co
Inc <WST> for digital exchange equipment to be supplied in the
state of Idaho over the next five years.
No financial details were available. The company said the
contract provided for the replacement of more than 50 older
exchanges run by <Mountain Bell>, one of U.S. West's three
operating companies, with Ericsson's AXE system.
Reuter
|
FLASH OMAHA HOGS UP 1.00 DLR - USDA | barrow and gilt prices rose 1.00 dlr in
active trade, the usda said. us 1-3 220-260 lbs 51.00-51.50.
Reuter
|
CBT WHEAT FUTURES OPEN FIRMER, SET NEW HIGHS | CBT wheat futures opened firmer to again
set new contract highs in new crop, then back off those highs
to hold gains of 1-1/4 cents per bushel in May, with new crop
July unchanged in light early dealings.
Steady speculative buying after yesterday's strong close
kept the chart picture very bullish and supported initial
values, traders said.
Rumors that exporters are planning to ship SRW wheat out of
Toledo and/or Chicago, further tightening already low
deliverable stocks, kept May firm relative to new crop months,
they added.
However, the rally failed to follow-through due to the lack
of confirmed export sales of significant quantities of U.S.
wheat so far this week, as some traders expected.
Reuter
|
DOLLAR CLOSES LITTLE CHANGED IN FRANKFURT | The dollar closed virtually unchanged
from yesterday's finish, but near the day's high after another
extremely quiet session.
With the G-5 meeting in Washington ahead of this week's IMF
interim committee, traders remained reluctant to open any large
positions. Towards the end of the day the dollar firmed after
failing earlier to hold beneath 1.82 marks. Some dealers said
Senate testimony from Fed Chairman Paul Volcker also lent
support.
The dollar closed at 1.8265/75 marks after opening at
1.8200/15 and closing yesterday at 1.8260/70.
Volcker said that a further sizeable dollar decline could
be counter-productive, and that exchange rate adjustments have
been enough to narrow the U.S. Trade deficit.
Such remarks in the past might have moved the dollar
sharply, today they only pushed it up 20 or 30 basis points
when it was already firming for technical reasons.
The dollar in any case held in a narrow range today,
trading early in the morning just below 1.82 marks and rising
to a high of 1.8270.
Dealers said they were awaiting comments after the G-5
meeting from U.S. Treasury Secretary James Baker.
Looking slightly further ahead, the market is awaiting U.S.
February trade data, due on April 14.
Another set of disappointing figures could push the dollar
below its recent 1.80-85 mark range if there have been no
supportive statements from G-5 officials in Washington in the
meantime, dealers said.
Sterling closed slightly easier at 2.950/954 marks, after
opening at 2.951/955 and closing yesterday at 2.954/958.
The pound has been buoyed by expectations the ruling
Conservatives will win the next U.K. Election.
But dealers said sterling now looks high against the mark
and room for further gains must be limited.
Many dealers believe sterling will enter the EMS joint
float after a U.K. Election. In this case, its ceiling could
well be at or near 2.95 marks, dealers said.
The yen closed at 1.2550/70 marks per 100 after closing
yesterday at 1.2490/2510, and the Swiss franc firmed to
120.55/70 marks per 100 from 120.10/50.
The French franc ended unchanged at 30.04/07 marks per 100.
REUTER
|
LIVE HOG FUTURES HIGHER EARLY | Live Hog futures ran up for gains of
0.57 to 0.07 cent in eary trade paced by April and June.
Fairly active demand reflected strength in cash hogs and
the continued discount of futures to cash. The start of
fieldwork limited farmer movement of hogs to market and
prompted packers to bid up for hogs. Mostly steady to firm cash
pork products added to support, traders said.
However, prices slipped from the highs in latest trade as
commercial profit-taking developed. Some selling was also
attributed to expectations that cash ham prices will be falling
soon on a seasonal basis, they said.
Thomson and RBH bought while Packers Trading and Refco
sold. Stotler spread long June/short April, they added.
Reuter
|
MIDWEST GRAIN FUTURES 11:10 EDT | MINNEAPOLIS WHEAT
MAY7 285 UP 1 1/2
JUL7 280 3/4 UNCH
SEP7 277 UP 1
DEC7 -- --
MAR8 -- --
|
HONEYWELL BULL INTRODUCES HIGH PERFORMANCE COMPUTERS FOR MEDIUM, LARGE FIRMS
| |
PORK BELLY FUTURES START HIGHER, THEN EASE | Pork belly (bacon) futures ran up for
gains of 0.55 to 0.30 cent at the start and then eased to trade
0.15 cent lower to 0.15 higher in early dealings.
Active local carryover demand and mixed commission house
buying lifted futures at the start. Higher cash hog markets on
light runs and spillover from other meat pits prompted support,
traders said.
However, locals turned sellers along with Saul Stone and
Paine Webber and prices turned mostly lower. Trimming of gains
in other pits and expectations of possibly negative out of town
storage report this afternoon weighed on the market. Guesses on
the report ranged from in 1.0 to 2.25 mln lbs with most
indications on the high side, they noted.
Reuter
|
MISSOURI DIRECT HOGS UP 1.00-1.50 DLR - USDA | Barrow and gilts in the east and
west were 1.00 to 1.50 dlr higher than monday's midsession. Top
50.50 dlrs per cwt.
EAST WEST
U.S. 1-2 210-250 LB 49.50-50.50 49.50-50.50
U.S. 1-3 210-250 LB 49.50-50.50 49.50-50.50
U.S. 1-2 200-210 LB 48.50-49.50 48.50-49.50
SOWS - steady/up 2.00 dlrs. Top 46.00 dlrs.
US 1-3 300-500 lb 42.00-43.00, over 500 lb 43.00-46.00 dlrs.
Reuter
|
VOLCKER SEES TIGHT POLICY HURTING INVESTMENT | Federal Reserve Board Chairman Paul
Volcker said a restrictive monetary policy would be damaging to
investment and that a better course would be to restrain
spending.
"A restrictive monetary policy would hit investment. You
don't want to put interest rates up unless you have to," Volcker
told the Senate Banking Committee.
"That is not a constructive way to proceed," he said.
Volcker said that given a choice between squeezing the
budget deficit or squeezing investment, he would favor
squeezing the budget deficit.
In response to a question about banks, Volcker said he
would be pleased if Congress decided to give banks a tax
writeoff as an incentive for them to take greater reserves
against loans to debtor countries.
"If you give a tax writeoff for reserving against loans,
then we will see more reserving and that would make me happy,"
Volcker told Committee Chairman Sen William Proxmire (D-Wisc).
Reuter
|
REUTERS <RtrSY> UNIT COMPLETES TRADING SYSTEM | Rich Inc, a wholly-owned subsidiary of
Reuters Holdings PLC of London, said it completed installation
of a 20 mln dlr trading system for Merrill Lynch and Co Inc
<MER> in New York.
The company said its Composite Information System was
designed and installed for Merrill Lynch in the investment
firm's World Financial Center offices in downtown Manhattan.
The system, which offers access to financial news, in-house
computers, commercial television and other services, includes
479 equity positions, 614 in the debt area and 152 municipal
markets positions, the company said.
Reuter
|
LONDON LIFFE D.MARK CLOSE 1614 - APR 7 | 5507
Sep --- --- --- 4885
|
LONDON LIFFE S.FRANC CLOSE 1616 - APR 7 | 6627
Sep --- --- --- 6041
|
CBT SOYBEAN FUTURES OPEN SLIGHTLY FIRMER | CBT soybean futures opened steady, with
new crop slightly firmer, then rallied further to hold gains of
one cent to three cents per bushel higher in light early
dealings.
A firmer Gulf soybean basis this morning, strength in corn
futures and delays in the Brazilian soybean harvest supported
soybean futures, despite a disappointing drop in the weekly
soybean export figure yesterday afternoon, traders said.
A local professional house and a local house were the
featured buyers of July, with sellers scattered and small-lot,
pit brokers said.
Reuter
|
DOLLAR REMAINS IN NARROW RANGE IN QUIET ZURICH | The dollar remained confined in the same
narrow range in quiet trading, benefitting only slightly from
comments by Fed Chairman Paul Volcker that further sizeable
dollar losses would be counter-productive, dealers said.
It finished at 1.5140/50 Swiss francs after opening at
1.5128/38 and closing yesterday at 1.5185/95.
"Volcker's remarks produced some buying interest but most
people were still waiting to see what comes out of the finance
ministers' meetings in Washington," one dealer said.
Other currencies lost ground against the Swiss franc.
Sterling eased after advancing sharply yesterday on
expectations of an early U.K. General election. The pound ended
at 2.4469/4501 francs compared with 2.4547/4578 yesterday.
The mark slipped to 82.83/93 centimes from 83.11/21 and the
French franc dipped to 24.90/94 from 24.98/25.02.
REUTER
|
ST LOUIS CATTLE STEADY/UP 0.50 DLR - USDA | slaughter steers were firm to 0.50 dlr
higher in active trade and heifers fully steady amid limited
supply, the usda said.
steers - choice 2-4 975-1250 lbs 64.00-65.50, package 2-3
1230 lbs 66.00.
heifers - few lots choice 2-4 900-1075 lbs 61.50-63.00.
Reuter
|
LIFFE, AFTER RECORD VOLUMES, SEES MORE GROWTH | The records in turnover set by the London
International Financial Futures Exchange (LIFFE) in March could
be surpassed in the coming months, Liffe Chief Executive
Michael Jenkins said.
Last month, Liffe saw record monthly futures volume at 1.15
mln lots, and record monthly options volume at 97,700. Total
Liffe volume in first quarter 1987 rose to 2.8 mln contracts,
or 89 pct up on the same 1986 period.
Long gilt turnover in first quarter 1987 was 300 pct up on
the year-ago period at 1.63 mln lots versus 409,500. But T-bond
volume fell by 38 pct to 244,500 in first three months 1987.
Jenkins told Reuters the higher volumes for gilts reflected
in part the volatility in the U.K. Markets in recent months,
while the falloff in T-bonds was an indication of the relative
stability of U.S. Credit markets.
Jenkins said he saw room for the whole financial futures
sector to grow further in the coming months. In particular, FT-
SE 100 futures had great scope for expansion, and turnover in
them should be much higher by end 1987.
FT-SE futures volume was 62,700 in first quarter 1987, an
increase of 124 pct over the 28,000 contracts recorded in the
same months of 1986.
Institutions here had been slow to find out about the use
of stock exchange futures, but they would now learn more,
Jenkins predicted.
Commenting on the difference in popularity between gilts
and bonds, Jenkins said Liffe had designed the widest possible
variety of contracts so that at any given time, at least one
sector would be volatile enough to attract trading. The current
situation of U.S. Markets being steady, and U.K. Ones
changeable, might alter completely in coming months.
A further boost to Liffe's volume and attractiveness should
come with the introduction of yen bond futures, he added.
REUTER
|
NEW BEDFORD INSTITUTION FOR SAVINGS <NBBS> YEAR | Net 12.3 mln vs 6,438,000
NOTE: Company went public in March.
Reuter
|
HONEYWELL BULL UNVEILS FIVE NEW COMPUTERS | Honeywell Bull, a 1.9 billion dlr
computer systems company formed March 27 by Honeywell Inc
<HON>, Compagnie des Machines Bull of France and NEC Corp of
Japan, said it introduced a line of high-performance computers
for medium and large companies.
The company also unveiled software for the new systems to
facilitate patient care in hospitals and control inventory and
production in factories.
Honeywell Bull said its new line includes five models in
the DPS 7000 family of 32-bit virtual memory systems that
support as many as 600 terminals and perform between 9,000 and
52,000 transactions an hour.
Prices for the systems will range from 127,000 dlrs to more
than 1.0 mln dlrs.
It said two integrated, modular software packages
introduced are specifically for operation on DPS 7000
computers.
Reuter
|
OXFORD ENERGY CO <OEN> TO BUILD ENRGY PLANT | The Oxford Energy Co said it received
final approval from the Connecticut Department of Public Utiliy
Control of a power contract for the company's tire burning
energy plant to be located in Sterling, Conn.
The Oxford facility has an estimated total cost of
approximately 70 mln dlrs, and is expected to start
construction during the second half of 1987. Construction of
the project is subject to the receipt of various state and
local permits, the company said, and the arrangement of
financing.
Under the terms of the order, issued by the Connecticut
Department of Publc Utility Control, Connecticut Light and
Power Co will be required to purchase the output of the
Sterling facility under a 25-year power purchase aagreemnt at
prices fixed by the contract formulas, the company said.
Reuter
|
POLYDEX <POLXF> ANTI-WRINKLE INGREDIENT PATENTED | Polydex Pharmaceuticals Ltd said a U.S.
patent for an anti-wrinkle cream ingredient has been assigned
to the company by its chairman, Thomas C. Usher.
The company said the pantent was granted to Usher for skin
permeable elastin.
Reuter
|
DIGITAL TRANSMISSION <DTINU> OFFERS UNITS | Digital Transmission Inc is offering
400,000 units at 9.625 dlrs a unit, underwriter Muller and Co
Inc said.
Net proceeds will be used for sales and marketing, research
and development, capital equipment and working capital.
The underwriter has been granted an over-allotment option
to buy up to 60,000 more units. Each unit consists of four
shares of class A common stock and one class A common stock
purchase warrant.
The stock and the warrants are not detachable or separately
tradeable until six months after the offering or an earlier
date that may be determined by the underwriter.
Reuter
|
CBT SOYPRODUCT FUTURES HIGHER IN EARLY TRADE | CBT soyproduct futures traded higher
early in sympathy with the unexpected strength in soybeans,
with soyoil up 0.13 to 0.16 cent per lb and soymeal 0.40 to
1.00 dlr per ton higher, traders said.
A mostly steady tone in overseas vegetable oils and feeds
markets underpinned initial values here, they added.
A local professional house seen buying July soybeans also
bought July soyoil, with Produce Grain a buyer of September,
pit brokers said. Continental Grain and E.F. Hutton bought July
soymeal, with sellers scattered and small-lot, they said.
Reuter
|
PRESIDENTIAL AIR <PAIR> IN SALE/LEASEBACK | Presidential Airways Inc saiud it has
sold 10 of its 11 Boeing 737's to Ryder System Inc <RDR>, which
then leased seven of the planes Boeing Co <BA> made planes back
to Presidential on a short-term basis.
The company said it ended long-term leases on the planes.
The short-term leases will run up to eight months and the
aircraft will be returned to Ryder on completion of present
charter commitments, coincinding with the expected deliveries
of British Aerospace Bae146 jets.
In Miami, Ryder said it will sell the three planes that
Presidedntial will not lease back to other airlines.
Reuter
|
MIDWEST GRAIN FUTURES 11:20 EDT | MINNEAPOLIS WHEAT
MAY7 285 1/4 UP 1 3/4
JUL7 281 UP 1/4
SEP7 277 UP 1
DEC7 -- --
MAR8 -- --
|
HIGHWOOD <HIWDF> COMMENTS ON SHARE PRICE RISE | Highwood Resources Ltd said it is not
aware of any material change in the company's affairs to
account for recent trading activity in the company's shares,
but said it anticipates being a future producer of minerals
used in electronic superconductors.
Recent widespread publicity concerning superconductors
suggest a greatly increased demand for yttrium and lanthanide
minerals, Highwood said.
The company said it is developing such deposits at Thor
Lake, Northwest Territories in cooperation with Hecla Mining
Co, of Idaho.
Highwood Resources said the deposits contain beryllium,
yttrium, lanthanides, niobium and tantalum. It did not
immediately elaborate on estimated reserves on the property.
Highwood shares traded earlier on the Toronto Stock
Exchange at 6-7/8, up 1/8, after climbing 1-1/8 in yesterday's
session.
Reuter
|
SPOT TIN SLIGHTLY LOWER ON EUROPEAN FREE MARKET | Spot tin on the European free market was
indicated in the range 4,200 to 4,230 stg per tonne, for high
grade metal in warehouse Rotterdam, down 10 stg from yesterday
afternoon.
Traders said the market remained quiet with sales reported
between 4,230 and 4,210 stg and currency factors still tending
to weigh on the price structure.
There was still no sign of significant fresh end-user
enquiry for second-quarter requirements, dealers said.
REUTER
|
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES | The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-176 days 5.00 pct 5.00 pct 30-176 days
177-195 days 5.85 pct 5.83 pct 177-195 days
196-271 days 5.00 pct 5.00 pct 196-271 days
272-295 days 5.93 pct 5.91 pct 272-295 days
296-341 days 5.00 pct 5.00 pct 296-341 days
342-346 days 5.90 pct 5.90 pct 342-346 days
347-360 days 5.00 pct 5.00 pct 347-360 days
Reuter
|
GENERAL ELECTRIC<GE>-POWERED HELICOPTER UNVEILED | General Electric Co said that EH
Industries, a joint effort between <Westland Helicopter> of
England and the <Augusta Group> of Italy, rolled out the first
prototype EH 101 helicopter in Yeovil, England.
GE said the helicopter is powered by three GE
T700 engines.
The company added that the multi-mission EH 101 has naval,
utility and civil models. The latter two will be powered by
2,000 shaft horsepower CT7-6 engines being co-developed by GE,
<Fiat Aviazione> and <Alfa Romeo Avio>, GE said.
Reuter
|
REUTER UNIT COMPLETES MERRILL LYNCH TRADING SYSTEM | Rich Inc, wholly owned by Reuters
Holdings Plc <RtrSY>, said it completed installation of a 20
mln dlr trading system for Merrill Lynch and Co Inc <MER> in
New York.
The company said its Composite Information System was
designed and installed for Merrill Lynch in the investment
firm's World Financial Centre offices in downtown Manhattan.
The system, which offers access to financial news, in-house
computers, commercial television and other services, includes
479 equity positions, 614 in the debt area and 152 municipal
markets positions, the company said.
REUTER
|
AFRICAN DEVELOPMENT BANK LOANS ROSE 42 PCT IN 1986 | The African Development Bank (ADB) said
it increased its lending by 42.1 pct last year to 1.64 billion
dlrs from 1.15 billion dlrs in 1985.
A bank statement said agriculture, set as the main growth
area in a five-year economic recovery program adopted in 1985
by African states, received 607 mln dlrs, 37 pct of the total.
The ADB is made up of the bank itself, its financing
soft-loan arm, the African Development Fund (ADF) and the
Nigeria Trust Fund, another soft-loan institution.
ADB president Babacar N'Diaye released a 1987 economic
report on Africa prepared by the ADB and the U.N. Economic
Commission for Africa (ECA), saying progress was being made
toward substantial increases in the bank's capital resources.
He said an ad-hoc committee of the ADB board of governors,
comprising 18 African and non-African countries, recommended a
200 pct increase in the organisation's capital for 1987-91.
He said such an increase would raise capital from around
6.55 billion dlrs to 19.66 billion dlrs, adding he was hopeful
the proposal would be adopted at the annual meetings of the
bank and fund, due to be held jointly in Cairo in June.
He welcomed France's recent proposals to the Paris Club of
Western government creditors to extend repayment periods for
Third World debts and give better rescheduling terms.
"The proposition represents a major step forward. But
African countries should not be the ones to ask for large-scale
debt write-offs," he said. Africa's total external debt was
estimated at 175 billion dlrs at the end of 1986.
The ECA-ADB report said prospects would remain bleak for
African economies in 1987 but predicted Gross Domestic Product
(GDP) growth ranging between 2.5 and four pct, compared with
1.2 pct last year.
REUTER
|
OMAHA CATTLE UP 0.50 DLR - USDA | barrow and gilt prices rose 0.50 dlr in
moderately active trade, the usda said.
steers - choice 2-4 1100-1400 lbs 66.50-67.50, two loads
68.00-68.50.
heifers - choice 2-4 975-1150 lbs 64.50-65.00, two loads
65.75-66.00.
Reuter
|
MELRIDGE <BULB> UNIT IN REAL ESTATE AGREEMENT | Melridge Inc said its 50 pct
owned Conroy's Inc subsidiarey, which franchises flower shops,
has entered into an agreement for an affiliate of Public
Storage Inc to acquire and develop real estate for the
expansion of Conroy's franchise operations.
The company said under the agreement, Public Storage will
obtain an undisclosed equity interest in Conroy's and Melridge
and undisclosed equity interest in the Public Storage affiliate.
Reuter
|
PHOTRONICS CORP <PHOT> YEAR FEB 28 NET | Shr 64 cts vs 38 cts
Net 1,062,000 vs 585,000
Sales 13.6 mln vs 9,262,000
Reuter
|
MIDWAY AIRLINES <MDWY> MARCH LOAD FACTOR FALLS | Midway Airlines Inc said its March load
factor declined to 59.2 pct from 61.3 pct in the same year-ago
period.
It said revenue passenger miles increased to 200.9 mln from
167.2 mln, and available seat miles rose to 339.5 mln from
272.9 mln.
Year to date, Midway said its load factor declined to 56.1
pct from 57.8 pct. It said revenue passenger miles gained to
534.0 mln from 450.0 mln, and available seat miles went to
952.1 mln from 778.8 mln.
Reuter
|
OCEAN BIO-CHEM INC <OBCI> YEAR NET | Shr eight cts vs seven cts
Net 215,821 vs 196,873
Sales 3,112,571 vs 2,649,003
Reuter
|
LOWE'S <LOW> TO SELL DURAKON <DRKN> LINER | Durakon Industries Inc said its
All Star Liner will be sold as the exclusive pickup truckbed
liner in Lowe's Cos Inc's 300 retail home center outlets in the
Southeastern U.S.
Reuter
|
FEDERAL RESOURCES <FDRC> NAMES NEW PRESIDENT | Federal Resources Corp said it has
named John Kotts president and chief operating officer,
replacing Paul Hannesson, who remains chairman and chief
executive officer.
Reuter
|
WALKER TELECOMMUNICATIONS <WTEL> GETS CONTRACT | Walker Telecommunications corp
said Teledial America has selected the fiber optic system
operated by Walker's Mutual Signal Corp subsidiary to carry
Teledial's traffic in Michigan and link interstate facilities
throughout the country.
Reuter
|
AIDC ISSUES AUSTRALIAN DOLLAR ZERO COUPON EUROBOND | Australian Industry Development Corp is
issuing a zero coupon eurobond with total redemption amount 30
mln Australian dlrs, lead manager Orion Royal Bank Ltd said.
The issue matures on May 12, 1992 and is priced at 53-1/2
pct. It is available in denominations of 1,000 and 10,000
Australian dlrs and will be listed in Luxembourg. Payment date
is May 12.
Credit Suisse First Boston Ltd, Commerzbank AG, Hambros
Bank Ltd and Merrill Lynch Capital Markets are co-lead
managers. There will be no co-managers. Fees total 1-3/8 pct.
REUTER
|
TELE-COMMUNICATIONS <TCOMA> SELLS CABLE SYSTEMS | Knight-Ridder Inc <KRI> said its TKR Cable
Co joint venture with Tele-communications Inc has signed a
letter of intent to acquire cable television systems with
55,000 basic subscribers in Wildwood, N.J., and Ramapo and
Warwick, N.Y., from Tele-Communications for undisclosed terms.
Reuter
|
SWEDISH FINANCE FIRMS SEEN HIT BY DEREGULATION | Up to 70 pct of the 240 finance
companies operating in Sweden are likely to be squeezed out
over the next few years by the deregulation of financial
markets, the Association of Swedish Finance Companies said.
Association chairman Arne Ogren told a news conference that
a major restructuring of the sector was inevitable.
Central Bank governor Bengt Dennis said when announcing the
deregulation in November 1985 that one of his main aims was to
give commercial banks a chance to compete on equal terms with
finance companies and so undermine Sweden's "grey market."
Total credit granted by the Swedish finance companies rose
to 77 billion crowns in 1986 from 64.7 billion in 1985. This
includes leasing and is the equivalent of 19 pct of all
outstanding loans by the banking sector at end-1986.
Ogren said that if proposals now being discussed by a
government-appointed inquiry into the credit market to license
finance companies and make them increase their share capital
were pushed through, up to 70 pct would disappear.
But he said this would in fact have little effect on credit
volumes as the 42 biggest finance companies accounted for 70
pct of lending by the entire sector.
The explosive growth of Swedish finance companies began in
the early 1970s and commercial banks even started their own to
get around the tight restrictions then imposed on banking
activities and particularly on the growth of lending.
Now that they were on an equal footing with their parent
companies, many bank-owned finance companies faced an identity
crisis, Ogren said. He predicted there would be mergers and
individual firms would carve out specialised niches to ensure
their survival in a deregulated climate.
Ogren said the sector's losses on bad loans were bound to
rise steeply in 1989-1990 due to the rush to increase credit.
REUTER
|
WALL STREET STOCKS HIGHER IN LATE MORNING | Wall Street stocks staged a strong
rebound after being hurt by an early round of futures related
sell programs and profit taking. The advance was led by
automakers and a firm oil sector. Special situation stocks
Texaco and UAL were actively traded.
The Dow Jones Industrial Average, down more than 10 points
in the first minutes of trading, stood at 2415, up 10 late this
morning. Advances led declines by only a slight margin on
volume of 77 mln shares. GM gained two to 83-1/2 and Ford one
to 91-1/8. Chrysler rose 1/4 to 58-1/2. Texaco gained 3/8 to 34
and UAL fell 5/8 to 65-1/8.
Reuter
|
ENVIRONMENTAL POWER CORP <POWR> YEAR NET | Shr profit 25 cts vs loss 15 cts
Net profit 998,000 vs loss 612,000
Revs 8,086,000 vs 365,000
Reuter
|
SWEDISH INDUSTRY SEES HIGHER 1987 PRODUCTION | Swedish industry expects a rise in
both production and exports during this year, with engineering
and forest companies forecasting the largest increases, a
survey by the National Institute for Economic Research showed.
The government institute said in the survey -- of 2,000
manufacturing companies -- that industry this year planned to
reduce both raw material and finished goods inventories.
It said domestic demand was expected to be mainly unchanged
but that exports should rise significantly. The number of firms
operating at full capacity fell slightly, however, in the first
quarter, said the report, which gave no figures.
REUTER
|
U.S. ENERGY FUTURES STEADY BUT QUIET | U.S. energy futures traded consistently
above yesterday's closing prices in thin activity this morning
with underlying support from April 15-day forward North Sea
Brent crude, traders said.
April Brent traded as high as 19.40 dlrs a barrel today, or
more than 1.00 dlr above May Brent prices, because of a supply
squeeze, according to traders.
"U.S. energy futures are probably influenced by April Brent
more than anything else today," said John O'Connell, assistant
vice president at Refco, Inc.
May crude was up 18 cts to 18.85 dlrs a barrel.
"There is no reason to sell energy futures at these prices
because the fundamentals have not changed," said O'Connell,
adding that the OPEC pricing/production accord continues to
hold.
Mixed trade participants dominated crude futures while
local traders were featured in products, traders said. They
said U.S. energy futures ran into resistance at today's highs.
May heating oil was up 0.46 cent at 49.25 cts a gallon
after trading within a narrow 0.30-cent range. May unleaded
gasoline was up 0.61 cent to 53.55 cts a gallon, at the high
end of a 0.35-cent range.
Reuter
|
GERMAN LONG-TERM CAPITAL INFLOW SLUMPS IN FEBRUARY | The inflow of long-term capital into
West Germany slumped to 606 mln marks in February from
January's record 11.91 billion, with foreign purchases of
German bonds and shares declining sharply, the Bundesbank said.
While foreigners bought only four billion marks worth of
German bonds in February after 13 billion in January, they sold
a net 500 mln marks in shares and promissory notes of public
authorities after sales worth 300 mln in January.
With German investors' purchases of foreign securities
steady around 1.3 billion marks, only 2.2 billion marks were
imported through securities transactions, after 11.2 billion.
Direct investment abroad led to a capital outflow of 1.60
billion marks in February after 2.83 billion in January.
There was a deficit of 8.14 billion marks in the short-term
capital account after a surplus of 194 mln in January.
Banks alone exported some 8.6 billion marks in funds while
domestic companies increased their short-term financial assets
abroad by 700 mln. But public authorities received some one
billion marks from abroad, the Bundesbank said in a statement.
Combining long and short term capital outflows, West
Germany recorded a net outflow of 7.53 billion marks in
February against a net inflow of 11.91 billion in January.
The Bundesbank confirmed the German trade surplus widened
to 10.45 billion marks in February from January's 7.20 billion.
Taking the two months together the seasonally adjusted
surplus was slightly below the figure for the previous two. In
terms of current as well as constant prices, the narrowing of
the surplus was progressing, the bank said.
Germany's current account surplus widened to 6.63 billion
marks in February from 4.79 billion in January, but was down on
the 7.26 billion figure for February 1986. Seasonally adjusted,
the February current account surplus narrowed against January.
While exports in February fell a half pct against the same
month last year, imports fell 10-1/2 pct largely due to the
drop in prices. Exports grew three pct in volume and imports
two pct.
In the balance of services, a fall in net investment income
led to a 300 mln mark deficit in February after a 300 mln mark
surplus in January.
The deficit in transfer payments widened to 3.70 billion
marks from 2.69 billion, largely due to a sharp jump to 2.3
billion marks from 200 mln in payments to the European
Community budget.
REUTER
|
BRITISH TELECOM, NTT SIGN COOPERATION AGREEMENT | British Telecommunications Plc <BTY.L>
said it had signed a collaboration agreement with Nippon
Telegraph and Telephone Corp on the exchange of personnel and
information over a three-year period beginning April 7.
The company said in a statement the plan is designed to
promote increased business activities of both firms.
In a separate statement British Telecommunications said
that it had signed a two-year, eight mln Canadian dlr,
distribution agreement with <Gandalf Technologies Inc> of
Canada to distribute its Mezza VoiceStation system in Canada
and the U.S.
Reuter
|
SIOUX CITY CATTLE UP 0.50/1.00 DLR - USDA | slaughter cattle rose 0.50 to 1.00
dlr in active trade, the usda said.
steers - choice 2-3 1100-1300 lbs 66.50-68.00.
heifers - one load high dressing choice 3 near 1100 lbs
66.75. choice 2-4 975-1100 lbs 65.00-66.00.
Reuter
|
N.Y. COTTON FUTURES STEADY IN EARLY TRADING | Cotton futures were steady this morning
on commission house buying. But trade selling was keeping gains
to a minimum, brokers said.
There was no news, but brokers said the market is
technically weak and in search of a bottom. Recent news of poor
export sales remained a damper, brokers said.
Cotton for May delivery was up 0.25 cent at 56.05 cents a
lb in a 56.30 to 55.80 cent range.
December delivery was up 0.40 cent at 55.15 cents.
Reuter
|
SIOUX CITY HOGS STEADY/UP 1.25 DLR - USDA | barrow and gilt prices were mostly
1.00 dlr higher, instances up 1.25, few early sales steady to
up 0.50 dlr, in active trade, the usda said. top 51.50 dlrs per
cwt.
us 1-3 220-260 lbs near 275 head 51.75.
us 1-3 220-260 lbs 51.00-51.50, near 360 head early
50.50-51.00 and 200-220 lbs 50.00-51.00.
sows - up 2.00 dlrs. us 1-3 500-650 lbs 47.50-48.00.
Reuter
|
MIDWEST GRAIN FUTURES 11:31 EDT | MINNEAPOLIS WHEAT
MAY7 285 UP 1 1/2
JUL7 281 UP 1/4
SEP7 277 UP 1
DEC7 -- --
MAR8 -- --
|
EC SOURCES SAY UK WHEAT PLAN YET TO BE APPROVED | The European Commission has not taken a
decision on applications from the British government for the
release of 200,000 tonnes of intervention feed wheat onto the
British market in May and June, Commission sources said.
They said last week's cereals management committee agreed
to release 70,000 tonnes of feed wheat through weekly tenders
between April 14 and May 26. It also indicated it planned to
allow the release of another 30,000 tonnes from April 23.
However, it decided to leave consideration of the release
of further wheat until later.
The British government had applied for the release of a
further 100,000 tonnes in both May and June from British
intervention stores to prevent market prices rising.
However, the sources said, the Commission wanted to review
the market situation nearer the time before giving its
approval.
The Commission was given new powers last year to control
the release of intervention cereals onto the market, the
sources noted.
Following last week's committee meeting, the U.K. Ministry
of Agriculture said the Commission had given an assurance that
additional quantities of intervention wheat would be made
available in May and June. It also said that it was envisaged
that monthly releases would be at least 100,000 tonnes,
depending on the state of the market.
This lead to the widespread assumption that the Commission
had actually approved the release of 300,000 tonnes during the
three months of April, May and June at last week's meeting.
Reuter
|
BROKERAGE FIRM UPS STAKE IN ALLEGHENY <AG> | The New York brokerage firm of Spear,
Leeds and Kellogg told the Securities and Exchange Commission
it had increased its preferred stock in Allegheny International
Inc to 8.6 pct, from 7 pct.
It said it may buy additional shares, but had not decided
whether to offer its shares in response to a tender offer by
Sunter Acquisition Corp, a unit of First Boston Inc.
The brokerage firm said it bought the Allegheny shares
March 30-April 2 for 86.50-87.25 dlrs each.
reuter
|
U.K. GRAIN FUTURES CLOSE STEADY TO FIRMER | Barley futures closed 0.15 to 0.05 stg
per tonne higher and wheat 0.60 to 0.20 firmer. Barley turnover
was light at 47 lots, including 24 cross transactions, while
the wheat volume totalled 197 lots, of which 81 were self
trades.
Traders said wheat futures continued to trade cautiously
but old crop values moved higher on short covering interest
with gains in physicals influencing sentiment. Barley showed
smaller gains in lighter trading.
REUTER
|
KANSAS CITY SHIPMENTS AND RECEIPTS | in bushels
Truck Receipts
Wheat 73,684
Corn 17,979
Grain
Sorghum 4,391
Soybns 72,180
Truck Shipments
Corn 8,000
Barge Shipments - None
Reuter
|
STONE <STO> FILES FOR SECONDARY OFFERING | Stone Container Corp said it filed a
registration statement for a secondary offering of 1,933,453
shares of its common stock.
It said the shares and warrants originally were issued to
Champion International Corp, a holder of 1,633,453 shares of
Stone common stock and warrants to buy an additional 300,000
common shares, in connection with the February, 1986
acquisition by the company of a major portion of Champion's
Brown Papers System.
Stone said it will receive 9.75 mln dlrs from underwriters
as a result of their exercise of the warrants.
Reuter
|
LME METAL PM 2ND RING VOLUMES/PAIDS - APR 7 | Cash easier 3months barely steady 3000
(Total 6250) about half carries tonnes cash 909.50 3months
880.00 79.00 78.50 78.00 77.50 78.00 78.50 79.00
COPPER STANDARD - Quiet 75 tonnes cash 861.00 3months nil
LEAD - Steady 2900 (3250) tonnes mainly carries cash 308.00
3months 301.50
ZINC HIGH GRADE - Steady but quiet 750 (2500) tonnes mainly
carries cash nil 3months nil
SILVER LARGE and SILVER SMALL - Nil
ALUMINIUM - Barely steady 4650 (7850) tonnes mainly carries
cash nil 3months 805.50 04.00 03.50
NICKEL - quiet nil (216) tonnes mainly carries cash nil
3months nil
REUTER
|
SPOT LARD, TALLOW, GREASE STEADY | Spot lard, tallow and grease were
unchanged in early trading, cash dealers said.
Spot Chicago centrifugal process lard in rail cars traded
at 14.50 cents a lb, unchanged. Edible tallow traded at 14.00
cents, and inedible bleachable fancy tallow was quoted at 12.50
cents, both unchanged. Choice white grease (all hog) traded at
10.50 cents, unchanged.
Reuter
|
BOEING PROPOSES WESTLAND DEAL | Boeing Co <BA.N> said its Boeing Vertol
helicopter unit proposed that U.K. Helicopter maker <Westland
Plc> should build up to a third of all future Chinooks for
Britain's airforce.
A Boeing statement made here said the work would involve up
to 12,500 man-hours per machine, and solve some of Westland's
short-term workload problems. It comes amid speculation that
Britain may pull out of the European EH-101 project, with the
possibility of up to 2,000 Westland job losses.
Westland was rescued last year by United Technologies Corp
<UTX.N> and Fiat Spa <FIAT.MI>.
Reuter
|
ENVIRONMENTAL POWER <POWR> GETS CONTRACTS | Environmental Power Corp said it has
signed a 50 year contract to sell power from its 12-megawatt
Allegheny River Lock and Dam Number Seven Project near
Kittanning, Pa., to Allegheny Power System Inc <AYP>.
The company said the project is expected to produce an
average electrical output of 55 mln kilowatt hours when
completed and is contingent on Environmental obtaining a
Federal Energy Regulatory Commission license.
The company said it has also signed a 15-year contract to
sell all power to be generated by 2.6 megawatt hydroelectric
project at Falls Lake Dame near Raleigh, N.C., to Carolina
Power and Light Co <CPL>. The average expected annual
electrical output is 11 mln kilowatt hours.
Reuter
|
LONE STAR <LCE> SEES FLAT U.S. CEMENT DEMAND | Lone Star Industries Inc
expects demand for cement om the U.S. to remain in the 85-90
mln ton range through 1992, its annual report said.
The company said U.S. cement consumption totaled 90.6 mln
tons last year, up four pct from 1985.
Lone Star also said it expects consolidation and
internationalization of the U.S. cement industry to continue,
adding foreign companies now own over 50 pct of U.S. capacity.
Since 1974, it added, more than 30 cement plants have
closed. "In our opinion, the industry's annual cement capacity
today is, in reality, less than 80 mln tons" a year, it added.
Lone Star said the gap between supply and demand is being
filled by imported cement, which accounted for 18 pct of
domestic consumption last year, up from four pct ten years ago.
Reuter
|
U.S. ALUMINUM STOCKS HIGHER IN DECEMBER - ABMS | Total U.S. aluminum stocks held by
integrated and non-integrated producers and smelters including
scrap, ingot, metal in process and finished products rose to
2,470,000 short tons in December from 2,451,000 short tons in
November, American Bureau Metal Statistics said.
Primary production rose to 278,000 tons in December from
263,000 tons in November. Imports for consumption declined to
114,000 tons in December from 150,000 tons in November.
Net shipments eased to 605,000 tons in December from
608,000 tons in November. Ingot shipments were 87,000 tons
versus 99,000 tons, mill products shipments were 435,000 tons
versus 420,000 tons and casting shipments were 83,000 versus
89,000.
Reuter
|
MALTA TENDERS FOR WHITE SUGAR TODAY - TRADE | Malta is tendering to buy 3,000 tonnes
white sugar today for arrival in two equal parts in May and
June, traders said.
Reuter
|
CALTON <CN> OFFERING DECLARED EFFECTIVE | Calton Inc said a
registration statement was declared effective by the Securities
and Exchange Commission for the public offering of 2,500,000
shares of its common at 12-7/8 dlrs a share.
Calton said the public offering began today.
The offering is being underwritten by Merrill Lynch Capital
Markets.
Calton said it will use the net proceeds, about 12.2 mln
dlrs, for general corporate purposes.
Reuter
|
CHILI'S <CHLI> FILES FOR CONVERTIBLE DEBENTURES | Chili's Inc said it filed with the
Securities and Exchange Commission a registration statement
covering a 35 mln dlr issue of convertible subordinated
debentures.
Net proceeds will be used primarily to retire outstanding
bank debt, Chili's said. The remainder will fund capital
expenditures for additional restaurants and for general
corporate purposes. The company currently operates 95
restaurants in 16 different states.
Chili's named Goldman, Sachs and Co and Alex Brown and Sons
Inc as underwriters.
Reuter
|
GOTTHARD BANK SELLS WARRANTS INTO DAINIPPON INK | Gotthard Bank said it is
selling 65,000 covered warrants at 255 Swiss francs each
exercisable into shares of Dainippon Ink and Chemicals Inc.
Each warrant entitles the holder to buy 100 shares in the
company in the period from May 15, 1987 until August 13, 1993
at an exercise price of 505 yen per share. The shares closed
today at 700 yen.
REUTER
|
FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS
| |
ALIAS RESEARCH IN CAPITAL JOINT VENTURE | <Alias Research Inc> said it entered
into a four mln dlr joint venture capital investment with
several firms led by <TA Associates> of Boston.
Joining TA Associates are <Greylock Management Corp>, and
<Crownx> of Toronto, Alias said.
Alias, which develops 3D computer graphics software, said
the investment capital will be used to support ongoing research
and development and to extend worldwide marketing initiatives.
Reuter
|
EMERY AIR <EAF> MARCH SHIPMENTS RISE | emery Air Freight Corp said March
shipments were up 19 pct to 1,349,000 from 1,134,000 a year
earlier and weight was up 27 pct to 61.4 mln pounds from 48.4
mln.
Reuter
|
CORROON AND BLACK <CBL> COMPLETE ACQUISITION | Corroon and Black Corp said it
completed the acuqisition of <Contractors Planning Group Inc>
in an exchange of shares.
Contractors is headquartered in Garden City, N.Y., and has
branch offices in Philadelphia, Boston, and Cheshire, Conn.
Reuter
|
COLONIAL <CLBGA> TO ACQUIRE PENSACOLA BANK | Colonial BancGroup said it and
The Liberty Bank of Pensacola, Fla., signed a letter of intent
for Colonial to acquire Liberty.
Terms of the acquisition were not dislcosed.
Colonial said the acquisition was its first move toward
acquiring and out-of-state bank under Alabama's regional
interstate banking law.
Liberty has total assets of 35 mln dlrs.
Reuter
|
KANSAS CITY WHEAT MARGINALLY FIRMER AT MIDDAY | Hard wheat futures traded 1/4 cent
higher to steady in light midsession trading as firm Chicago
wheat futures and hopes for new export sales this week lent
support, traders said. May stood 1/4 cent higher at 2.74 dlrs.
Trading was light with little fresh direction in the
market. Traders awaited results on Jordan's Export Bonus tender
for hard wheat and Egypt's tender this week for flour.
Staley bought July and the July/December spread traded at
7-1/2 cents, pit brokers said.
Reuter
|
MIDWEST GRAIN FUTURES 11:40 EDT | MINNEAPOLIS WHEAT
MAY7 284 1/2 UP 1
JUL7 281 UP 1/4
SEP7 277 UP 1
DEC7 -- --
MAR8 -- --
|
ST JOSEPH HOGS UP 1.00/1.50 DLR - USDA | barrow and gilt prices rose 1.00 to
1.50 dlr, the usda said. us 1-3 215-260 lbs 51.00-51.50.
sows - up 1.00 dlr. us 1-3 500-650 lbs 46.50-47.00.
Reuter
|
Ia-So Minn direct hogs estimated rcpts 80,000 vs actual week ago 85,000 and actual year ago 72,000.
| |
OHIO DIRECT HOGS UP 1.00 DLR - USDA | Barrow and gilt prices gained 1.00 dlr
on moderate to good demand. Top 51.25 dlrs per cwt.
COUNTRY AT PLANT
U.S. 1-2 210-240 49.25-50.00 50.00-51.25
U.S. 1-3 240-260 48.25-49.00 49.00-50.25
actual receipts yesterday 10,800
estimated receipts today 6,500
actual week ago 8,800
actual year ago 9,100
week to date estimates 17,300
actuals week ago 18,400
actuals year ago 19,100
Reuter
|
ONTARIO TREASURY BILL YIELD RISES | This week's Ontario government auction
of 50 mln dlrs worth of 91-day treasury bills yielded an
average of 6.91 pct, up from 6.87 pct last week, a treasury
department spokesman said. Average price was 98.307.
Reuter
|
UNIVERSITY <UPT> REPORTS MARCH LENS SALE | University Patents Inc said its
optical products subsidiary sold 5,652 Alges soft bifocal
contact lenses in March, after allowances for exchanges and
returns.
The lenses were approved for marketing in April 1986 by the
Food and Drug Administration.
Reuter
|
SUPER RITE FOODS INC <SRFI> SETS QTRLY PAYOUT | Qtrly div five cts vs five cts prior
Pay April 27
Record April 20
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