Gold shares rise in London

Press, Volume CXIII, Issue 33254, 18 June 1973, Page 18

Gold shares rise in London

Gold shares were higher on Friday in London after the rally in the bullion price, and with demand also prompted by increased dividends.

Most of the interest was in South African gold miners. Elsewhere, the market was easier on balance with leaders two or three pence lower. However, Pilkington firmed on news of higher profits but Bass Charrington lost ground. Cavenham advanced a few pence on a press suggestion of a bid from Bats.

Government bonds had gains of up to } in the medium and short dated loans and up to | in the longs. Interest however, was smaller.

The unchanged bank minimum lending rate saw banks rally to recover earlier losses. Brokers reported no lift to the gloom surrounding Australian shares in London. Brokers said a further dampening factor was a rumour that Australia was intending to revalue the dollar after the treasurer

returned from Tokyo this week.

The only share to show any resistance to the drift was again Woodside-Burmah, which remained steady at 166 p. The dollar premium eased slightly to 19-1/4 per cent, but at the same time sterling was weaker which mitigated against London buyers. The closing prices on Friday of some selected stocks were:

Ampol Pet., 48; A.N.Z., 411 J; N.S.W., 622 J; 8.H.P., 554; Dalgetv, 267; Elder Smith, 152; Lloyds Bank, 3101; Mt Lyell, 1121; Nat. Bank. 2331; Nat. Mortgage, 116 j; Nth 8.H., 991: Plessey, 128; R.T.Z. ord., 288; R.T.Z. regd, 245 J; B.H. Sth 1801; Trans. Dev.. 773; West. Mining, 166; P and O, 3371; Prudenial “A,” 160; Reed Paper. 285; Brit. Am. Tobacco, 2504; 8.L.M.C., 31J; Distillers, 1443; Glaxo. 378; 1.C.1., 271; Marks, Spencer, 274; Shell Trans., 334; Unilever, 3643; Brit. War Loan. 34 3/16.