London market drifts along

Press, 9 May 1983, Page 26

London market drifts along

Share prices barely moved either way on the London Stock Exchange last week, as the FT index languished in the 690 s without being able to break the 700 mark. Government bonds were easier gold shares were steady in a week shortened by the U.K. Labour Day holiday on Monday.

Oil shares eased after reports that Japan may buy Iranian oil at a discount, but prices closed above lows after Gulf analysts doubted the reported statement by a Japanese Minister, dealers said.

On Tuesday Sotheby rose 30p to 540 p on news of a possible counter bid in excess of the 520 p a share offer made by GFI/Knoll International, but later fell back to 533 p. Then on Wednesday the shares touched a low of 425 p after news that its merger with Knoll International is to be referred to the Monopolies Commission but recovered to close 60p down on the day at 465 p. Christie International fell 8p in sympathy, at 240 p. Australian issues on the London Stock Exchange drifted lower but without getting under “too much pressure.” A city broker said: “We are coming towards the end of the London account and

the market was very quiet.” Closing prices on Friday of a selection of issues were:—

Ampol, 94; ANZ, 227; BHP, 440; Dalgety, 341; Elder Smith, 182%; Fletcher, 89%; North BH, 154%; Plessey, 608; Renison, 234; RTZ reg, 569 and ord, 575; Trans Dev, 99%; West Mining, 253%; Westpac, 160; BAT, 610; Distillers, 243; Glaxo, 907; ICI, 450; Lloyds Bank, 68; Marks and Spencer, 204; P and O, 152; Prudential “A”, 386; Reed International, 268; Shell Transport, 484; Unilever, 755; War Loan, 34%; de Beers, 880 (quoted in U.S. dollars).