London market easier

Press, 23 May 1977, Page 14

London market easier

Share prices on the London Stock Exchange eased last week, after rising sharply in the first three days to reach a peak on Wednesday. The early spurt was prompted by unconfirmed reports of a fresh North Sea oil strike. However, later the market took fright from the in- ; creased April retail figures I and the possibility of several I large rights issues. End-of-1 account profit taking also' affected the trend. Australian shares closed generally lower in London, in thin trading dominated by B.H.P. and uranium shares. B.H.P. was boosted by the news of the oil find, and uranium shares by the expected release of the second Tax Commission report this week. The fall in the dollar investment premium contributed to the drift in the Australian sector.

Closing prices on Friday of a selection of shares were:—

Ampol, 492; A.N.Z., 3211; N.S.W., 485 J; 8.H.P., 630; Dalgety, 229 J; Elder Smith, 197 j; Lloyds Bank, 2194; Mt Lyell, 254; Challenge, 160; Nth B.H. 114; Plessey, 84; R.T.Z. ord, 239, and regd 230; B.H. Sth, 124 J; Transdev., 58i; West. Mining, 1604; 8.A.T., 2941; Distillers, 151:?; Glaxo, 504 J; 1.C.1., 3921; Marks and Spencer. 115; P and O, 1652; Prudential “A,” 125: Reed Int., 2151; Shell Transport, 5291; Unilever, 472; War Loan, 301.