P228 CEEFAX 228 Wed 2 Mar 21:12/32   1/8      STOCB MARKET ABC "A" ordinary shares Lacking voting rights and usually a little cheapfr. Account The Stock Exchange's year is split into 24 accounts, most of them of two weeks. Money duf on dfalings is not paid until the end of an account, which means that shares may be bought and sold afahm 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 2 Mar 21:12/50   2/8     STOBB MARKET ABC Blue chips Top firms and their shares. Bulls Investors who buy in the belief that the price will riseN Hence, also, a "bull market" or "bullish" moodN Call options See TRADED OPTIONS. Capital Gains $bx (£GT) Levied on any capital gains in excess of £6,600 in a single tax yearN Capitalisation Issue A free issue of sdares to shareholders in proportion to their holdings whenever a company wants to "capitalise" excess reservesN  More
P228 CEEFAX 228 Wed 2 Mar 21:00/10   3/8     S NCB MARKET ABC Ex- Any price quoted that excludes the buyfr from a dividend or an issue of shares: ex-dividend (or XD), ex-rights (XR), or ex-capitalisation ( B(N FT Indices Best known are the Financial Times Industrial Ordinary Index (also known as the FT 30), the FT-Actuaries All-Share Indfx (740 shards), and the FT-SE 100 Index (100 shares). Gilt-edged stock or gilts See S NBKS Governmdnt stock See S NBVS  Index-linked See S NBNS  More
P228 CEEFAX 228 Wed 2 Mar 21:00/26   4/8     STOCK MARKET ABC Market-makers Dealers comlhtted to making a price M quoting buy and sell prices M in a minimum number of shares. New time dealings Buying or selling in the last two days of one account for settlement (payment) in the next. Options The right to buy or sell a share within a specified period - three months is the norm M at a set price See TRADED OPTIONS. Ordinary shares See SHA DB PLC Firm able to sell shares publicly  More
P228 CEEFAX 228 Wed 2 Mar 21:00/45   5/8     S$NBB MARKET ABC Par For shares, the face value. For government stock, £100N For partly-paid stocks and shares, the issue price. Perks Shares in some companies confer certain privileges on shareholdersN Preference shares See SHARES. Put options See TRADED OPTIONS. Rights issue A means of raising fresh capital by selling shares to existing shareholders on a proportional basis.  More
P228 CEEFAX 228 Wed 2 Mar 21:00/00   6/8      STOCK MARKET ABC Scrip issue See CAPITALISATION ISSUE. Shares Ordinary shares are simply part of the capital of a company, entitling the holder to a say in its running (via votes at the annual meeting) and to a share of any profits (dividends). "A" ordinary shares carry no voting rightsN Prfference s—ares havf first call on any profits and, if cumulative, 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  Mord
P228 CEEFAX 228 Wed 2 Mar 21:00/41   7/8       STOCK 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 M and repays its £100 par value at maturityN See PAR. The market price fluctuates, usually in opposition to the prevailing level of interest ratesN Undated stock simply pays interest and will never be redeemedN Index-linked stock pays a rate of interest tied to the retail price index.  More
P228 CEEFAX 228 Wed 2 Mar 21:03/03   8/8     STOCK MARKET ABC Stocks (cont) Companies issue debenture stock, giving holders a prior claim on their assets, as well as unsecured loan stock, which does not. Convertible loan stock may be swappfd later for shares. Tap stock Government stock released to the market in bundles, as from a tap. Traded options Buying (call options) or selling (put options) share options (see OPTIONS) before their life is up. XC, XD, XR See EX-N Yield The annual return (dividend) on a stock or s—are at the current price.  More