BRITAIN Dip after peak in ‘Fin. Times’ index
NZPA-Reuter London Share prices closed quietly lower in London on Friday ahead of a longholiday week-end. The prices were depressed by fears of a rise in British base lending rates and the lower trend on Wall Street, dealers said. At 3 p.m. the “Financial Times,” 30 Index was down, 5.5 points at 917.3, and it closed at 915.4. BP eased 6p to 515 after rising 7p on Thursday after favourable statements at its annual meeting. Johnson Matthey, which rose sharply on Thursday because of Continental buying, ended 12p lower at 268 after profit taking. ICI closed 4p lower
at 602, having dipped to 598.
Government bonds ended as much as % point lower on worries about British interest rates and in response to the easier opening in United States credit markets. North American shares were mixed. Government bonds were further depressed by worries that the British moneysupply figures for April, due this week, will show a substantial rise. The 9% per cent Treasury convertible Government bond of 1989 opened trading on Friday at 49 and fifteen-sixteenths per ■cent in part-paid form, and drifted to 49 and sevensixteenths. Gold shares ended mixed.
Among oils, Tricentr'ol firmed 5p to 223 on news of the sale of its United States interests, Shell ended 3p up at 653, Lasmo eased 2p to 328, and Ultramar fell 3p to 664. Banks were dull, with Lloyds down 7p at 612 after Thursday’s annual meeting and Barclays 3p down to 489. In mixed insurances, Prudential fell 3p to 473 and Royal rose 8p to 546. On Thursday, Tate and Lyle returned to 413 from 403 after higher second-quarter results from Redpath, its Canadian subsidiary. The shares fell lOp in early trading after rumours the company had lost an Indonesian sugar order. The “Financial Times” Index, reached a record on Monday. The FT Index closed 5.7 points higher at 915.8, most trading sparked by the strength of the Distillers share Brice. It kept rising through le day but dipped on Friday, closing at 915.4 points. On Thursday, it had closed at 922.8 points. Distillers touched a high of 320 on Monday before easing to close 21p up at 313, while GEC rose 5p to 187, accompanied by rumours linking the two companies and a press report that GEC has bought more shares in Distillers. Closing prices on the London Stock Exchange on Friday (mid-price) included: Ampol, 113%; ANZ, 377%; BHP, 756; Dalgety, 458; Elder Smith, 267%; FletcherCh, 132%; NthßH, 179%; Plessey, 228; Renison, 234; RTZBear, 655; RTZReg, 653%; TRansportDev, 104%; Western Min, 273%; Westpac, 252%; BAT, 246; 311; Glaxo, 865; ICI, 602; Lloyds, 612; MarksandSp, 263; P and O, 327; PrudA, 473; Reedlnt, 458; ShellTr, 653; Unilever, 950; War Loan, 3% 34%; De Beers, 765 (quoted in U.S. dollars).
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Press, 7 May 1984, Page 30
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468BRITAIN Dip after peak in ‘Fin. Times’ index Press, 7 May 1984, Page 30
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