Improvement In London Shares

Press, Volume CVII, Issue 31383, 31 May 1967, Page 19

Improvement In London Shares

(N.Z. Press Association—Copyright)

LONDON, May 30.

The London stock market showed a sharp improvement after drifting lower earlier last week.

Sentiment had been depressed by lack of stimulating news and the Middle East situation. The turn-round developed after better-than-expected first quarter results from 1.C.1., speculation of the English Government’s reflationary measures, and a more optimistic view of the Middle East situation. Bid situations provided many of the features in equities. Courtauld’s hqlfyearly figures left the share price little changed. Beecham’s results pushed the share prices higher. Leading industrials showed little change on the week. British funds showed a modest improvement. Buying interest developed as the week progressed, and a bear squeeze helped the trend. Gold

shares finished with little onbalance change, but coppers moved higher. Australian mining shares were firm on a good speculative demand. Tins were dull. Dollar stocks tended to ease in line with Wall Street but moved up with the recovery in that centre.

Reports of more nickel discoveries in Western Australia brought a fresh upsurge in mining share prices. Outstanding were New Broken Hill, R.T.Z., Great Boulder, Western Mining, and Mount Isa, but virtually all mining shares scored big gains. Elsewhere, Government stocks eased slightly, but banks showed little change. Oils moved narrowly. Pastoral shares were dull.