STOCK MARKETS - THE WEEK REVIEWED
Sunday 29 June 1997
UK stocks rose 1 per cent to 4,640.3. Gains were limited by concern that the Budget may contain tax changes that will make equities less attractive to fund managers if a 20 per cent tax rebate on dividends enjoyed by pension funds is abolished.
In France, the CAC Index rose 4.9 per cent, setting two new highs to close at 2891.04. On Wednesday the index saw its biggest gain in two years. Rhone-Poulenc said it may make a $4.3bn (pounds 2.58bn) offer for the shares it doesn't own in its US subsidiary Rhone-Poulenc Rorer.
In Germany, the DAX Index rose 0.19 per cent to 3795.41. Volkswagen was the biggest gainer with a rise of 3.7 per cent. Analysts believe the market is being driven by funds boosting equities but the index fell on concern about US rates ahead of the Federal Reserve policy meeting. Copyright: IOS & Bloomberg
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