London market firm

Press, 9 June 1980, Page 26

London market firm

Share prices rose last week on the London Stock Exchange, and Government bonds were steady, in quiet trading. The new account opened] quietly on Monday, and both] equities and Government) bonds drifted throughout the' session, dealers said.

The Government bond sec- : tor was still depressed by ■ the surprise announcement : of the new Exchequer 13) per cent 1994 “tap” stock on 1 the previous Friday. Falls of lias much as 5/8 point were : I seen in both long and short •’■ dates, but dealers noted 1 little selling pressure.

But on Tuesday small buy-’ ing interest caused a rally,: Investors were encouraged by the fall in United States interest rates, and the high' rates in the United Kingdom' which brought investment' interest from overseas.

In the Australian sector energy-related stocks were, keenly sought, and made good gains despite the fall-, ing pound sterling.

B.H.P. showed the strong-' est trend, and reached the equivalent of $15.22. Industrials and retailers were mainly steady, and banks narrowly mixed.

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

Ampol, 65; ANZ, 222 1/2; NSW 138 1/2; BHP, 750; Dalgety 241 1/2; Elder Smith, 147 1/2; Mt Lyell, 94; Challenge, 99 1/2; Nth BH, 174 1/2; Plessy, 144; RTZ ord, 389 1/2 and regd, 387 1/2Transde V, 71 1/4; West Mining’ 248 1/2; BAT, 240: Distillers, 188; Glaxo, 198; ICI, 356; Marks and Spencer, 85: P and O, 115 1/2; Prudential “A”, 191; Reed Int. 187; Shell Transport, 398; Unh’ lever, 436: War Loan. 31 3/4; D» Beers, 955; Lloyds Bank, 301.