Sharp London rises

Press, 14 August 1978, Page 14

Sharp London rises

by the Union Steam Ship ComShare prices made good gains on the London Stock Exchange last week, as the Financial Times index broke through the psychologically important 500-barrier, and reached a record high of 516.2 on Wednesday. However, profit taking later in the week brought the index back a bit, and it closed on Friday at 514.8 — a rise of 15.6 for the week. Disappointment over the U.K. banking figures was soon discounted as the market pushed higher under its own momentum. Gold shares were firm in the wake of the record price for bullion. Trading in the Australian sector was mixed, reflecting the lack of direction by the home markets. 8.H.P., C.S.R. and uranium stocks performed best. Banks were mixed, retailers hardly moved, and oil stocks were unchanged. The dollar investment premium rate was on Friday 1.0901. Closing prices on Friday of a selection of shares were: Ampol, 824 xr; A.N.Z., 290) xr; N.S.W., 575; 8.H.P., 745; Dalgety 287 J; Elder Smith. 2174; Lloyds Bank, 2774 xd; Mt Lyell, 29; Challenge, 150; Nth 8.H.. 128 J; Plessey, 102; R.T.Z. ord., 248 and regd, 2394; B.H. Sth, 1184; Trans, dev., 793; West. Mining, 147; B.A.T. 3294; Distillers, 199; Glaxo, 6104; 1.C.1., 4001; Marks, 87: P and O, 93); Prudential “A,” 1684; Reed Int., 1584; Shell Transport, 5774; Unilever, 558; War Loan, 31S; De Beers, 4514.