London market ends easier
The London Stock Exchange ended the week on an easier note on Friday. The “Financial Times” industrial index eased 1 point to close at 5669, for a net gain on the week of 6.2 points. The English market opened on Monday on a firm, but nervous note, ahead of Tuesday’s United Kingdom Budget. Hopes of a decline in mortgage rates helped building issues, but tobacco shares eased in anticipation of higher duties in the Budget. On Tuesday, the market eased because few operators were prepared to buy shares just before the start of the Budget speech. The news that the sterling M 3 money supply remained unchanged during last month was welcomed. Government bonds firmed
on Wednesday, in the wake of the Budget, but equities were mixed. Dealers attributed the decline in equity prices to disappointment that there was no reduction in the clearing bank-base lending rates, which had been expected in the Budget. This disappointment continued to offset gains on the London market on Thursday. Closing prices on Friday of a selection of shares were:— Ampol. 74%; ANZ Bank. 212%: BNSW, 151%; BHP. 455; Dalgety. 318%; Elder Smith, 250; FletChall. 85%. NBH, 107%; Plessey, 369%; Renison, 154; RTZ ord, 420 and regd, .418%; Trans Dev, 77%; WMC, 212%; BAT, 428; Distillers. 173; Glaxo, 508; ICI. 338. Lloyds Bank. 458: Marks and Spencer, 144; P and O. 128: Prudential A’, 234; Reed Int. 272; Shell Trans. 350; Unilever. 645; War Loan, 30%. De Beers, 430.
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Press, 15 March 1982, Page 28
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249London market ends easier Press, 15 March 1982, Page 28
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