COMMERCIAL London market opens firmly

Press, Volume CXVI, Issue 34048, 12 January 1976, Page 11

COMMERCIAL London market opens firmly

I lie London Stock Exchange began the year on a firm note last week, and the “Financial Times” industrial index closed on Friday at 101.6 points, tor a gain of 16.8 points on the week.

reflecting possible large claims after the widespread storm damage caused in the previous week-end. A survey by the Depart-; ment of Industry, which suggested a further fall in manufacturing investment this year, caused apprehen- j sion on the market on Tuesday. dealers said. Throughout the rest of the week, industrials, oils, banks and mining financials were mixed, although the “F.T.” : industrial index made gains j each day. The mam interest in the market centred around Government bonds. Long-dated Government bonds began the; week in moderate demand,’ making gains of up to 50p. By Wednesday, the short “tap’ stock. Treasury 10.5: per cent 1979, was exhausted, leaving the Bank of England without effective control of the market, traders said. The Government broker’s supplies of the long “tap” stock, Treasury' 13.25 per cent 1997, was exhausted the previous day. Gold shares continued to ease in line with the bullion market, while dollar stocks firmed, following the trend on-Wall Street. Share prices were mixed throughout the week on the Australian sector of the London Stock Exchange. Australian mining shares began the year on a firm note, shaking off the preChristmas uncertainty, following the trend on the Sydney Stock Exchange. However. by' Thursday’ profit-takers moved in to wipe out gains made earlier in the week. Closing prices on Friday of a selection of stocks were:Ampof 70|; A.N.Z., 436£; NSW,. 692 i; 8.H.P., 715; Dalgetv. 224 J; Elder Smith, 2151; Llovds Bank. 2491; Mt Lyell, 95; Challenge. 1491; Nth. 8.H., 154; Plessev. 78; RTZ ord.. 212. and regd, 200; B H. Sth. 190; Trans. Dev.. 554; West. Mining, loll; 8.A.T., 347 J; Distillers. 1482; Glaxo. 372; 1.C.1.. 348; Marks and: Spencer. 107; P and O, 100; Prudential “A”. 139; Reed Int.. 2531; Shell Transport. 3894; Unilever. 448; War Loan. 26.

The market began ther week on an easy note. Insur- c ances were unsettled s f