London quiet

Press, 26 October 1982, Page 30

London quiet

The London Stock Exchange drifted in quiet end-of-week trading on Friday, but leaders were occasionally off the lows by the close, dealers said. The “Financial Times" industrial index closed at 619.4 points, down 3.5 on the day. but up 1,5.5 points on the week. Interest was focussed on S.T.C.. with dealings starting on Friday in the 40 million shares sold by I.T.T. at 525 p a unit. S.T.C. shares held up well in heavy two-way business and by the close were showing a 5p gain. A large seller in Beecham helped push its share price down 14p to 361 p, and Glaxo lost 15p to 1070 p. Gold shares were slightly easier with the bullion price and North American stocks also fell. Government bonds firmed initially on the Chancellor of the Exchquer's forecast of a 5 per cent U.K. inflation rate by next spring, but softened to end with losses of up to

half a point at the long end. The London sharemarket resumed its rally on Monday, and the “FT" index was at "a record 615.8 points before the close. Dealers said that the market was firm in spite of the previous week's profittaking. and fresh enthusiasm by investors had pushed prices up at the start of the new account. On Tuesday the market followed the bullish trend on Wall Street, although profittaking eroded some gains, and trading on Wednesday followed a similar pattern. Closing prices on Friday of a selection of shares were":— Ampol, 74V; ANZBank, 202‘-z; BHP. 400; Dalgety. 328; Elder Smith, 159 V; Fletcher. 75; NthßH. 130 V; Plessey, 591 V; Renison, 160; RTZ ord, 468 and regd. 466 V; Trans Dev, 79V, WMC. 184 V; Westpac, 148 V; BAT, 629; Distillers, 225; Glaxo, 10V; ICI. 318; Lloyds, 416; Marks and Spencer, 208; P and O. 131; Prudential'A,' 335; Reedlnt. 304; Shell Trans. 438; Unilever, 750; War Loan, 37V; Deßeer. 565.