Woodside stars on London Exchange

Press, Volume CXIII, Issue 33154, 19 February 1973, Page 16

Woodside stars on London Exchange

Equities finished lower on each successive day on the London Stock Exchange last week, but trading was very quiet.

The dollar devaluation made for declines among some leading international I companies, while sentiment, over all was influenced by the upward trend in interest rates, the January trade deficit, and the industrial action by the gas workers ! and, late in the week, the | engine drivers. Moderate “bear” covering and small selective buying gave the market a steadier tone towards the week-end. Banks recouped most of their losses after good results by Barclays and Lloyds, with Lloyds—making a one-for-one scrip issue—recording a sharp gain. In line with the record prices being paid for gold, gold shares made good gains during the week. After a very dull start to the week, Australian mining shares were rocked by a sharply weaker dollar invest-j ment premium in London, and millions of dollars were I wiped off their paper value, i The premium movement! resulted from heavy selling: after the Australian Government's effective 11.1 per cent revaluation against the United States dollar. Broking sources said jobbers were forced to mark back substantially in an I attempt to stop heavy selling pressure, and despite miners easing around 6 per cent on average there were still large parcels of stock in selected shares hanging over the market at the close. The marking back is regarded as precautionary, as it is expected there will be a sustained decline on Aus-

tralian markets during the : next few weeks. ' However, industrials attracted some support, with the market generally feeling that the Australian Govern-, ment’s move reflected a confidence in the ability of the Australian economy to: sustain the massive revalua- I i tion of the last two months.l On Thursday and Friday; ■ Woodside-Burmah — boosted : by the news of a further oil ! find —completely dominated' ■ the Australian sector. Interest even spread to j continental buyers, while on\ Friday there was heavy buy-: 1 ing from America. The) shares went to a peak of I [ 245 p, but profit taking forced I them down again. The clos-i ing quote was 2401 p (about! 380 Ac), but brokers’ reported: , after hours dealings as high j as 391 Ac. Friday's closing prices.—Ampol,: |S3J; A.N.Z., 450?.: N.S.W.. 622 J; 8.H.P., 658; Dalgetv. 283 J: Elder i Smith, 200; Llovds Bank. 624: Mt Lyell, 114: Nat. Bank. 225; NMA. 11041; Nth 8.H.. 10IJ; Plessey, 135; IR.T.Z ord.. 284. and regd, 2281; , B.H. Sth 177; Trans. Dev., 663:1 West. Min., 181; P and O. 346; I Prudential A, 1611; Reed Paper. ■ 286: Brit. Am." Tob., 285 J:! , 8.L.M.C.. 321; D'stlUers, 1523: ’ Glaxo. 404; 1.C.1.. 275; Marks and I Snencers. 255; Shell Transport, | I 338; Unilever. 369 J; War Loan? :|36i. II