P228 CEEFAX 228 Sat 1 Apr 00:01/04   1/8     STOCK MARKET ABC "A" ordinary shares Lacking voting rights and usually a little cheaper. Account The Stock Exchange's xfar is split into 24 accounts, most of them of two weeks. Money due on dealings is not paid until the end of an account, which means that shares lby be bought and sold again without paying for them. 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 prices.  More EconoData MoneyFile $bx Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:03/04   2/8     STOCK MARKET ABC Blue chips Top firms and their shares. Bulls Investors who buy in the belief that the price will rise. Hence, also, a "bull lbrket" or "bullish" mood. Call options See TRADED OP$JONS. Capital Gains Tax (CGT) Levied on any capital gains in excess of £5,000 in a single tax xfar. Capitalisation Issue A free issue of shares to shareholders in proportion to their holdings whenever a com0any wants to "capitalise" excess reserves.  More EconoData MoneyFile Tax Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:01/05   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 (XC). FT Indices Best known are the Financial $jmes Industrial Ordinary Index (also known as the FT 30), the FT-Actuaries All-Share Index (740 shares), and the FT-SE 100 Index (100 shares). Gilt-edged srock or gilts See STOCKS. Government stock See STOCKS. Index-linked See STOCKS.  More EconoData MoneyFile Tax Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:01/04   4/8     STOCK MARKET ABC Market-makers Dealers committed to making a price - quoting buy and sell prices l in a ljnimum 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 - at a set price. See TRADED OPTIONS. Ordinary shares See SHARES. PLC Firm able to sell shares publicly.  More EconoData MoneyFile Tax Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:01/05   5/8     STOCK MARKET ABC Par For shares, the face value. For government stock, £100. For partly-paid stocks and shares, the issue price. Perks Shares in some com0bnies confer certain privileges on sdareholders. Preference shares See SHARES. Put options See TRADED OPTIONS. Rights issue A lfans of raising fresh capital by selling shares to existing shareholders on a proportional basis.  More EconoData MoneyFile $bx Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:00/05   6/8     STOCK MARKET ABC Scrip issue See CAPITALISA$JON 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 sdare of any profits (dividends). "A" ordinary shares carry no voting rights. Preference shares have first call on any profits and, if cumulative, require dividends unpaid one year to be paid in another xfar. Stags Buyers of a new issue of shares bent on selling at once at a profit.  More EconoData MoneyFile $bx Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:00/04   7/8     STOCK MARKET ABC Stamp Duty Equals \pc of purchase price of shares. Does not apply to gilts. Stocks Government stock (gilts or gilt- edged) gives a fixed return \ known as its coupon - and repays its £100 par value at lbturity. See PAR. The$lbrket price fluctuates, usually in opposition to the prevailing level of interest rates. Undated stock simply pays interest and will never be redeemedn J stock pays a rate of interest tied to the retail price index.  More EconoData MoneyFile $bx Guide TV Index
P228 CEEFAX 228 Sat 1 Apr 00:00/03   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 swapped 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-. Yield The annual return (dividend) on a stock or share at the current price.  More EconoData MoneyFile Tax Guide TV Index