London share prices easier last week

Press, Volume CXII, Issue 33060, 30 October 1972, Page 20

London share prices easier last week

Prices of equities on the London Stock Exchange fell during last week, reflecting the serious weakness of sterling, combined with economic and industrial problems.

While the pound was under great pressure, and fell to new low levels on each successive day, investors were awaiting the outcome of the tripartite talks on voluntary measures to curb inflation; this issue was still unresolved at the end of the week.

One of the more significant moves in prices was the fall by Dunlop, which reflected the heavy losses of its Italian associate, Pirelli. The falling values for the pound, and the strengthening of the dollar investment premium, left some Australian prices at a discount in London, but this did not inspire investors. Brokers said most sectors appeared very firm on surfaceprice movements, but these represented jobbers’ marking? on the back on the investment premium improvement, Broking sources did not expect any real improvement in trade until the pound reached some sort of level.

They said that even though some Australian shares were at a discount in London to their Australian quotation there was virtually no point

in Australians buying on the London market, with sterling so weak. Most Australian shares closed the week slightly easier. Friday's dosing pricos.—Ampol, 489; A.N.Z., 350; N.S.W., 560; 8.H.P., 687; Dalgety, 2511; Elder Smith, 1771; Lloyds, Bank. 680; Mt Lyell. 122; Nat. Bank. 250; NMA, 79; Nth 8.H., 98A; Plessey, 146; R.T.Z, ord., 264. and regd, 2221; B.H. Sth, 1721; Trans. Dev., 783; West Min., 200; P and O. 345; Prudential “A.” 190; Reed Paper. 308; Brit. Am. Tob.. 2851; 8.L.M.C.. 311; Distillers, 1583, 9, 442; 1.C.1., 278; Marks and Spencer, 302; Shell Transport. 352; Unilever. 3721; War Loan. 353