Strong rally on London market

Press, 14 November 1977, Page 28

Strong rally on London market

Share prices on the London Stock Exchange made a strong recovery last week, and rose more than 5 per cent to once again break through the magic 500-bar-rier on the F.T. index.

However, volumes on most days were low, depressed by the electricity workers’ pay dispute and the threat of the firemen’s strike.

A bull point was the news that the coalminers had agreed to further talks, postponing the likelihood of a confrontation with the Government on their pay claim. The announcement by P and O that the company was to issue 6.25 million shares

to the public in Australia had virtually no effect on the share value on the domestic British exchange. Australian shares had a mixed but generally firmer week, helped by a lower dollar investment premium. Closing prices on Friday of a selection of shares were:-

Ampol, 543; A.N.Z, 293 i; N.S.W.. 472 J; Dalgety, 2211; Elder Smith, 152 J; Lloyds Bank, 282|; Mt Lyell', 12J; Challenge, 117; Nth 8.H., 95; Plessey. 108; R.T.Z. ord.. 198, and regd, 189; B.H. Sth, 821; Transdev„ 693; West. Mining. 1121; 8.A.T., 2641; Distillers, 173; Glaxo. 6021; 3711; Marks and Spencer, 162; P and O, 1241; Prudential “A,” 1601; Reed Int,, 1311; Shell Transport, 569 J; Unilever, 572; War Loan. 36.