London market drifts lower

Press, 7 June 1983, Page 29

London market drifts lower

Share prices drifted on the London Stock Exchange last week, to close lower on Friday. The market was quiet, with caution after the previous week’s sharp gains which took the FT index to record levels, the lower Wall Street prices after news of a further rise in Ml money supply, and the approaching election all serving to sideline investors. Sterling’s weakness also had a depressing effect, although the bond market was fairly steady. Oils were firm, as were gold shares. Among British equities Bowater stood out on take-over speculation.

Australian stocks closed mixed in quiet trading, ending fractionally above final levels on their home markets as they advanced in response to the Austra-

lian market’s earlier correction of Thursday’s over-done losses, dealers said.

With gold steady at SUS4I2, and Wall Street unmoved, most Australian issues improved slightly. “It was one of those days when there are plenty of buyers around but not prepared to pay too much for stocks,” a London broker said. Ampol, 86; ANZ Bank, 249%; BHP, 462; Dalgety, 328; Elder Smith, 185; Fletcher, 89*/z; NBH, 162%; Plessey, 690%; Renison, 238; RTZ reg, 560% and Bear, 562; Trans Dev, 95%; West Mining, 265%; Westpac, 159%; BAT, 535; Distillers, 233; Glaxo, 850; ICI, 458; Lloyds Bank, 548; Marks and Spencer, 200; P and O, 198; Prudential A, 398; Reed Int, 290; Shell Transport, 536; Unilever, 703; War Loan, 36; De Beers, 870.