London market falls sharply in thin trading
Share prices turned sharply lower on the London Stock Exchange last week, with the bulk of the loss occurring on Friday. Selling pressure was light, and trading thin, in a market dominated by a pessimistic statement from Thorn at its annual meeting, and poor results from second-line companies.
Government bonds declined in line with United States bonds after the House of Representatives overrode a presidential veto on a spending bill, dealers said. The weakness of sterling, and a rise in rates at the treasury bill tender underpinned the weaker trend, and bonds ended 1% points lower at the longer end. Trading began slowly on Monday after a rise in the
United States money supply announced the previous Friday. and no lead from New York markets because of the United States Labour Day holiday.
The - Australian sector of the London market moved in line with the Sydney trend, with most activity confined to the leading miners. Closing prices on Friday.of a selection of issues were:
Ampol, 69%; ANZ. 195%; NSW. 143%; BHP, 408; Dalgety, 307; Elder Smith 149%; Fletcher, 75; Nth BH, 125%; Plessy, 549%; Renison, 149; RTZ ord. 440 and regd. 438%; Transdev. 78%; West Mining. 195%: BAT. 564; Distillers. 214: Glaxo. 778; ICI. 298; Lloyds Bank. 388; Marks and Spencer. 187; P and O. 131; Prudential ‘A’, 283; Reed Int, 288: Shell Transport, 428; Unilever. 650; War Loan, 33%; de Beers. 500.
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Press, 13 September 1982, Page 24
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240London market falls sharply in thin trading Press, 13 September 1982, Page 24
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