London market off bottom at close

Press, 28 November 1977, Page 24

London market off bottom at close

! Share prices lost ground ion the London Stock Exjchange last week, in quiet I trading; sentiment was still (depressed by the firemen’s > challenge to the British GovI ernment’s pay policy, dealers 'said. Moderate selling was also provoked by a brokerage [ bouse report expressing conI cern over the rate of growth ‘in the United Kingdom j money stock, and the exipectation of a substantial rise in the minimum lending rate. Company results, I.C.L and Metal Box among others, were also disappointing. The Australian sector for most of the week had vast sums clipped off Australian shares, on both home and London markets, after news of the Labour opposition I edging clear of the Govern-’ i ment in opinion polls, just (two weeks ahead of the genleral election. j However, on Friday the 'market rallied, on revived; client buying and technical considerations, dealers said. (The increase in the United (Kingdom minimum lending Irate to 7 per cent from 5 I per cent was fullv discounted.

Long-dated Government (bonds rose up to 3/4 point while shorts gained 3/8 in moderate trading. ■ Equities closed slightly [below best levels to show rises of up to 15p on end-of-iaccount technical operations, land cheap buying. At 1500 hrs the ft. index was up 8.1 [at 464.8. Gold shares lost

[ground narrowly with the [bullion indication; US issues [were steady to firmer. The Australian sector fully shared in the recovery. Closing prices on Friday of a selection of shares were: Ampul, 55J: ANZ. 266 j: NSW, 4321; BHP, 438: Dalgety, 1961; Elder Smith, 1491; Lloyds Bank, 2671; Mt Lyell, 14J; Challenge, .119; Nth BH. 85: Plessey, 100; R.T.Z. ord, 190, and regd, 180; B.H. Sth, 78J; Transdev, 645; West Mining. 102'.; BAT. 2ff)J; Distillers, 163: Glaxo, 94 : f; ICI, 3491; Marks and Spencer, 146; P and O, .1115; Prudential "A”, 1421; Reed Int, 1201; Shell Transport, 5571; Unilever, 518; War Loan, 341.