Aust. sector firmer on London market

Press, Volume CXII, Issue 33066, 6 November 1972, Page 22

Aust. sector firmer on London market

The prices of equities improved last week on the London Stock Exchange, in expectation of agreement on voluntary measures to curb inflation.

Although the sharemarket on Friday initially reacted sharply unfavourably to the breakdown of the tripartite talks, it recovered partially during the day. Investors were trying to assess the possibility of Government legislation to achieve by statute what the tripartite talks had aimed to achieve by agreement of all parties. There was sustained interest in Australian shares, with the word “active” applied to this sector by brokers, for the first time for weeks.

predominant influence on the Australian sector in London. Market sources maintained that despite the steadiness in this sector this was not reflected in the volume of business, which was described as minimal.

Most price movements on the downside reflected a weakening of the dollar premium, though some issues uncovered minor sellers. There was some Australianbased interest in 8.H.P., while Woodside Burmah dominated the oils sector. A feature on Friday was keen demand for Britishbased Australian speculative, Paringa, which opened at about 32c, and closed at about 37c. After-hours dealings saw a bid of about 40c. Brokers reported that the level of business in the share was around five times the Australian volume, with much of the business being placed from Australian sources.

On Friday financial considerations re-emerged as the

Friday's dosing prices.—-Ampol 74; A.N.Z.. 410; N.S.W., 535; 8.H.P., 672; Dalgety, 249 J; Elder Smith, 1781; Lloyds Bank, 724; Mt Lyell, 122; Nat. Bank, 243; Nth 8.H., 97; Plessey, 150; R.T.Z. ord„ 268, regd, 2251; B.H. Sth. 169); Trans. Dev., 812; West Min., 185; P and O, 358; Prudential "A”, 187; Reed Paper, 305; Brit. Amer. Tob., 3031; 8.L.M.C., 321; Distillers, 1701; Glaxo, 446; 1.C.1., 272; Marks and Spencer, 300; Shell Transport. 354; Unilever, 3781; War Loan’ 36i.