London market closes firm
Equities firmed in moderate trading on the London Stock Exchange on Friday, after Thursday’s record gains on Wall Street, but bonds were slightly easier because of continuing fears about sterling.
The “Financial Times" industrial index rose 5.9 points to 621.0 for a net gain on the week of 24.3 points. The market opened the 1983 year on a firmer note in quiet trading on Tuesday, in spite of Monday’s easier trend on Wall Street. Plessy was unchanged in spite of news that it had signed an agreement with Scientific-At-lanta Inc., to exploit satellite and cable communications equipment. On Wednesday, the London sharemarket closed firmer in moderately active trading. The oil sector was particular strong, reflecting a similar
performance on Wall Street, because of speculation about a meeting between U.S. oil officials and the Saudi Arabian oil minister at Geneva.
On Thursday, leading equities rallied in late trading to give a mixed market, after prices had eased earlier in the day. Oil issues firmed after Saudi Arabia said it
would not cut its oil price. Gold shares eased in line with the bullion price.
Empire Stores fell 12p after news that the Monopolies Commission had turned down an agreed merger with GUS, but the issue later rallied on hopes of a new bid, possibly with Sears Holdings. Closing prices of a selection of shares on Friday were:— Ampol. 90 l z; ANZBank. 234 'a; BHP, 440: Dalgety. 312: Elder Smith. 150 Va; Fletcher, 69 v z; NthßH, 156 Va: Plessey, 638 l z: Renison. 183; RTZ ord, 525 and regd, 516Vz; Trans Dev. 75G-.WMC, 237‘a; Westpac. BAT, 672: Distillers, 245: Glaxo. 14: ICL 358; Lloyds. 400: Marks and Spencer. 225: P and O. 114; Prudential ‘A’, 336; Reed Int, 232; Shell Trans, 438; Unilever, 825; War Loan. 33V 2 ; De Beer. 690.
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Press, 10 January 1983, Page 24
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305London market closes firm Press, 10 January 1983, Page 24
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