P228 CEEFAX 228 Wed 27 Jan 21:01/12   1/8       S NBBMARKET ABC "A" ordinary shares Lacchng voting rights and usually a little cheaperN Account The Stock Exchange's year is split into 24 accounts, most of them of two weeksN Money duf on dfalings is not paid sntil the end of an account, which mfans that shares may be bought and sold again without paying for themN Bears Investors who sell in the belief that the price will fall. Hence, a "bear market" or "bearish" mood. Bid/offer spread The gap between buying and selling pricesN  More
P228 CEEFAX 228 Wed 27 Jan 21:10/00   2/8      STOBK MARKET ABC Blue chips Top firms and their shares. Bulls Investors who buy in thf belief that the price will riseN Hence, also, a "bull market" or "bullish" moodN Call options See TRADED OPTIONS. Capital Gains Tax (£GT) Levied on any capital gains in excess of £6,600 in a single tax yearN Capitalisation Issue A free issue of shares to shareholders in proportion to their holdings whenever a compaf8 wants to "capitalise" excess reservesN  Mord
P228 CEEFAX 228 Wed 27 Jan 21:11/01   3/8       STOCK MARKET ABC Ex- Any price quoted that excludes the buyer from a dividend or an issue of shares: ex-dividend (or XD), ex-rights (XR), or ex-capitalisation ( B8. FT Indices Best known are the Financial Times Industrial Ordinary Index (also known as the FT 30), the FT-Actuaries All-Share Indfx (740 shares), and the FT-SE 100 Index (100 shares). Gilt-edged stock or gilts See STOBKSN Government stock See S NBNS Index-linked See S$NBVSN  More
P228 CEEFAX 228 Wed 27 Jan 21:03/02   4/8       STOCK MARKET ABC Market-makers Dealers committed to making a price M quoting buy and sell prices M in a minimum number of shares. New time dealings Buying or selling in thf last two days of one account for settlement (payment) in the next. Options The right to buy or sell a share within a specified period - three months is the norm M at a set priceN See TRADED OPTIONSN Ordinary shares See SHARES. PLC Firm able to sell shares publicly.  Mord
P228 CEEFAX 228 Wed 27 Jan 21:00/10   5/8       STOCK MARKET ABC Par For shares, the face valueN For government stock, £100N For partly-paid stocks and shares, the issue priceN Perks Shares in some companies confer certain privileges on shareholdersN Preference shares See SHA DR  Put options See TRADED OPTIONSN Rights issue A means of raising fresh capital by selling shares to existing shareholders on a proportional basisN  More
P228 CEEFAX 228 Wed 27 Jan 21:10/22   6/8       STOCK MARKET ABC Scrip issue See CAPITALISATION ISSUEN Shares Ordinary shares are simply part of the capital of a compaf8, entitling the holder to a say in its running (via votes at the annual meeting) and to a sdare of any profits (dividends). "A" ordinary shares carry no voting rightsN Preference sdares havf first call on any profits and, if cum4lative, require dividends unpaid one year to be paid in another year. Stags Buyers of a new issue of shares bent on selling at once at a profitN  More
P228 CEEFAX 228 Wed 27 Jan 21:11/10   7/8       S$NBB MARKET ABC Stamp Duty Equals \pc of purchase price of sharesN Does not apply to gilts. Stocks Government stock (gilts or gilt- edged) gives a fixed return M known as its coupon - and repays its £100 par value at maturityN See PAR. The market price fluctuates, usually in opposition to the prfvailing level of interest ratesN Undated stock simply pays interest and will never be redeemedN Indfx-linked stock pays a rate of interest tied to the retail price index.  Mord
P228 CEEFAX 228 Wed 27 Jan 21:00/30   8/8       S$NBB MARKET ABC Stocks (cont) Companies issuf debenture stock, giving holdfrs a prior claim on thfir assets, as well as unsecured loan stock, which does not. Convertible loan stock may be swappfd later for sharfsN Tap stock Government stock released to the market in bundles, as from a tap. Traded options Buying (call options) or selling (put  (see OPTIONS) before their life is up. XC, XD, XR See EX-N Yield The annual return (dividend) on a stock or sdare at the current priceN  More