COMMERCIAL London rally faded on strike news
The announcement of a British General Election on February 28 sparked a rally in leading issues on the London share market last week, but gains were later reduced on news that the coal miners would not defer their strike action.
e' Oils closed firm on ren ; newed demand in response to the report on drilling in the e North Sea from Burmah Oil. BP rose lOp and Burmah Bp. n Banks eased slightly and s ' insurances were mixed . e Most major Australian r shares were over-shadowed e by the strong gold market and keen activity on the h South African section of the t, market. The closing prices on Friday of some selected stocks! e j were.— „ Ampol. 56: ANZ. 4031; NSW, B 662’; BHP. 6421; Dalgety, 2551; e Elder Smith, 193; Lio-, ds Bank, S 2511; Mt Lyell. 126; Nat Bank, 4 285’.; Nat. Mortgage, 142'.; Nth 8.H., 116: Plesses. 92; RTZ, ord, 254; RTZ regd, 2071; Sth 8.H.. 206; Trans Dev., 44;; West. Min., 1211; P and O. 121; Prudential “A”. 130; Reed Paper. 203; Brit. Am. Tobacco. 2705; BLMC, lag; Distillers. 142;; Glaxo. 384; TCI. 209; Marks, Snencer, 2101; Shell Trans.. 256; Unilever, 301;, Brif. War loan, 26,'.
Expectations of an adverse view, bv the Confederation of British Industry, of industrial trends also affected the market. On Friday initial gains in the hope that the coal miners may postpone their strike action were either reduced or reversed after news that the strike is to go ahead. Engineerings were hit with Tube Investments and Guest Keen showing net losses of bp and 4p respectively. Industrial leaders were narrowly mixed. Government bonds were little changed on balance apart from mixed movements of 1/16 in the short-dated loans.
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Press, Volume CXIV, Issue 33456, 11 February 1974, Page 16
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295COMMERCIAL London rally faded on strike news Press, Volume CXIV, Issue 33456, 11 February 1974, Page 16
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