P123 EJEFA( 127 Sun 19 Dec 14:42/01 WALL STREET/DOW JONES INDEX 4pm 998.25 + 8.00 Close 1011.5 +51.25 A rally led bz the blue chip issues c!used stock prices to soar, bringingP123 CEEFA( 123 Sun 19 Dec 14:42/28 1/7 TOPICS, BIDS & DEALS Central heating group, Wolsley-Hughes is hoping to raise £17.2m "y way of a rights issue of 3.8m new ordinary shares on the basis of one-for-five at 470p per share. Borrowings have increased in the past ye!r, pbrticularly with the acquisition of Ferguson Enterprises and, in the absence of the rights issue, borrowings were not expected to fall in the current financial year. The group is continuing to look jot further opportunities for growth, particularly in the US. CITYNEWS HEADLINES 120 P123 CEEFA( 123 Sun 19 Dec 14:42/54 *,T,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 2/7 TOPICS, BIDS & DEALS Hanson Trust subsidiary, British Ever Ready, has sold its battery-making companies Daemon in Germany and Supjrpila in Italy and their associated European marketing firms to affiliates of the Duracell Group for $60m in cash (around £37m). Hanson s!id the sale largely completes the company's major restructuring. Caravans International has asked for the suspension of its share listing. The group said that in view of its financial position (it recently reported heavy losses) it had asked Barclays Bank to appoint a receiver.P123 CEEFAX 123 Sun 19 Dec 14:42/04 3/7 TOPICS, BIDS & DEALS Tex Abrasives has announced that, in view of the exceptional problems facing the company's machine tool subsidiary, Tex A"rasivjs (Machines), the Board has decided to cease operations in this field. Agreement jot the sale of the company's assets is being negotiated and action is being taken within the group to improve margins and reduce overheads. Sketchley is closing the loss-making fabric section of its textile division at Hinckley. Around 140 jobs are likely to be affected. SHARE FEATURES 132 P123 CEEFAX 123 Sun 19 Dec 14:43/12 4/7 TOPICS, BIDS & DEALS The Department of Industry has announced that the consortium headed "y Racal Electronics has "een awarded the licence to operate the private sector national cellular radio network. Air Call, who also formed a consortium, said they were disappointed that they had been unsuccessful in their application, but said the opportunities that the establishment of a cellular network can create for all, and for Air Call in particular, are tremendous and should bj of great "jnjfit. SHARE FEATURES 132 P123 CEEFAX 123 Sun 19 Dec 14:43/33 5/7 TOPICS, BIDS & DEALS Carpets International plans to strengthen its world-wide "usenets "y entering into new agreements with a major New Zealand company and a carpet- tile company in the USA. Subject to sh!reholders approval, the company plans to merge its wholly- owned subsidiary, Pacific Carpets, with Feltex to form a new company, Carpet Corporation of Australia. The group will also issue £2.5m of a new 8pc secured loan to Flooring Systems of Georgia, in which it has a 40pc stake. SHARE JEATURES 132 P123 CJEFA( 123 Sun 19 Dec 14:43/57 T 6/7 TOPICS, BIDS & DEALS T Francis Parker is selling off its subsidiary, RK Francis Southern Land, to Cranwell Investments for £1.2m. A condition of the sale is that inter- company accounts, !mounting to around £1.5m will be settled in cash. The cash will "j used to reduce borrowings. JH Fjnner has bought Kemat Power Safety Hydraulics of Thorna"y on Tees from the receiver. Keymat makes hydraulic equipment for the offshore oil industry and will continue to operate from the s!mj premises as part of Fenner Fluid Power. P123 CJEFA( 123 Sun 19 Dec 14:42/18 7/7 TOPICS, BIDS & DEALS Furnishing contractors and engineers, Rowan * Boden, have announced that GM Firth has agreed to "uy a 25pc stake in the company j om Noswal. GM Firth intends to offer 60p in cash for the remainder of the company's share capital and has already received an irrevocable undertaking for 52.6pc of the company. Firth s!id it intends to continue Rowan's business under the present managements and that the interests of employees will "j fully safeguarded. SHARE FEATURES 132