London market depressed
Share prices declined steadily on the London Stock Exchange last week: the F.T. index registered a fall of 19.71 points on the week. “Bear" covering, and the news of the increased production rate from the Forties field failed to prop the market.
Sentiment was unsettled by the miners’ talks with the Oal Board on pay and benefits, and the disappointing U.K. industrial production figures. Towards the end of the week the lower rates for sterling and nervousness ahead of the trade figures accelerated the trend. Australian shares in London had a mixed week, but were mostly lower in line with Australian markets. Most issue, particularly the miners, found it difficult to shake off the gloom which has surrounded them for the past fortnight. Weak base metal prices, and the depressed London market reinforced the trend.
Closing prices on Friday of a selection of shares were: Ampol, 66i|; AN.Z., 346 J; N.S.W , 4874; 8.J1.P-, 710; DaJgety, 189 J; Elder Smith, 196; Lloyds Bans, 172 J; Mt Lyell, 40; Challenge, 1744; Nth 8.H., 199 J; Plessey, 62; R.T.Z. ord., 180 and regd 144; B.H. Sth, 155; Transdev., 394; West. Mining, 161 J; Bat., 2544; Distillers, 1064; Glaxo, 3054; ICI, 283; Marks and Spencer. 74; P and O, 96J; Prudential “A”, 94; Heed Int.. 184 J; SheU Transport, 361 J; Unilever, 354; War Loan, 24J.
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Press, 18 October 1976, Page 24
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225London market depressed Press, 18 October 1976, Page 24
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