London market dull

Press, Volume CXIV, Issue 33538, 20 May 1974, Page 16

London market dull

Share prices on the London Stock Exchange last week were virtually unchanged over the week, in very quiet trading, with small turnovers.

On Wednesday, the market made a modest rally, after the Labour Government’s overture for co-operation to Britain’s industrialists, and a trade deficit for April that was not as bad as had been feared.

However, the advance was not sustained, and prices later slipped back to earlier levels. Speculation about a General Election, the Middle East situation, and currency uncertainties were cited for the lack of activity. The prices of Australian shares eased slightly on very low turnovers, although the

undertone appeared quite firm. Brokers said that investors were still standing on the sidelines, although there was some buying interest in Bougainville and Western Mining. Further news of opinion polls putting Labour well in the lead from the Liberals “put the lid” bn the market one broker said. s He said there was the possibility of a “sell-out” of Australian shares if Labour were ( re-elected. Closing prices on Friday of some selected issues were:

Ampol, 46: ANZ, 393 J; NSW, 627 J; BHP, 647}; Dalget'y, 241}; Elder Smith, 193}; Lloyds Bank, 2094; Mt Lyell, 134; Nat Bank, 270}; NMA, 1501; Nth 8.H.. 127}; Plessey, 93; RTZ. ord. 246 and regd, 172; Bh Sth. 228; Trans Dev., 471; West Mining, 138}; P and O. 125; Prudential 'A’, 112; Reed Paper, 235; BAT, 267}; BLMC, 12?; DlstUlers 1294: Glaxo, 350; ICI, 233; Marks and Spencer, 155; SheU Transport, 210; Unilever, 302 J; War Loan, 25?.