COMMERCIAL London sellers on top but market steady

Press, Volume CXV, Issue 33942, 8 September 1975, Page 16

COMMERCIAL London sellers on top but market steady

Sellers were dominant on the London Stock Exchange on most days last week, but a moderate rally on Thursday helped prices to close virtually unchanged on the week.

Trading was very quiet. The F.T. index of industrial shares, at 327.4, passed the index of gold shares for the first time in many years. The gold share index closed the week at 315.4 — after falling to 302.9 earlier. The reason for the fall in gold shares is the sharp decline in the price of bullion, in response to the decision by the I.M.F. to sell almost $3 billion worth of gold. Dealers expect that this may create an oversupply which may last five years.

Australian shares were easy for most of the week, in very quiet trading. However, a few made some headway on Friday — with a jump by Pancontinental the main feature. B.H.P. also put on a few pence. _____

Closing prices on Friday of a selection of issues were:

Ampol, 381; A.N.Z., 3811; N.S.W., 577 J; 8.H.P., 680; Dalgety, 172; Elder Smith, 1521; Lloyds Bank, 2221; Mt Lyell, 95; Nat. Bank, 230; Challenge, 1151; Nth 8.H., 135; Plessey, 74; R.T.Z. ord., 1871, and regd, 163; B.H. Sth, 150; Transdev., 491; West. Mining, 155 J; P and O, 871; Prudential “A,” 122; Reed Paper, 2311; 8.A.T., 3001: Distillers, 109 t; Glaxo, 385 J; 1.C.1., 285; Marks and Spencer, 109; Shell Transport, 342}; Unilever, 374; -War Loan, 26-9/16.