London market drifts as sterling falls

Press, Volume CXV, Issue 33918, 11 August 1975, Page 18

London market drifts as sterling falls

The London sharemarket retreated further last week — reflecting renewed pressure on sterling and a gloomy economic survey by the Confederation of British Industry.

' Sporadic interest in gold, at slightly firmer prices, pushed gold shares a little. The one-half point increase in base rates by the major trading banks helped bank shares higher but had little impact on the market generally. Oils firmed helped by Royal Dutch Shell group’s half-year profits, which were higher than market ex-

pectations. Dollar stocks were inclined firmer.

The pressure on sterling, and uncertaintv surrounding interest rates, prompted selling of long-dated Government stocks — where net falls ranged to 3/Bths of a point. Shorts held relatively steady.

Little interest was shown for Australian shares in London. Prices tended to fall, but volume was verv small.

Pancontinental was the glaring exception; it was keenly sought at steadily firming prices. Later in the week Bougainville and B.H.P. also attracted a little attention.

Closing prices on Friday of a selection of issues were:-

Ampol, 40}; A.N.Z.. 3434; N.S.W., 572 J; 8.H.P., 675; Dalgety, 1784; Elder Smith, 1394; Llovds Bank, 1804; Mt Lyell, 90; Nat. Bank, 225; Challenge, 1224; Nth 8.H., 1034; Plessev. 63; R.T.Z. lord., 187, and regd, 172; B.H. I Sth, 145: Transdev., 414 ; West. Mining. 1514; P and O, 81; Prudential "A” 107; Reed Paper, 1844; 8.A.T.. 2674; Glaxo, 3294; Distillers, 1044; 241; Marks and Spencer, 90; Shell Transport, 301; Unilever. 320; War Loan, 254.