End-of-week lift in UK.

Press, 23 October 1984, Page 37

End-of-week lift in UK.

NZPA-Reuter London The London sharmarket closed sharply higher on Friday on Wall Street’s continued upsurge and news that the British Coal Board is willing to enter talks before the, imminent pit foremen’s strike. The “Financial Times” 100 index at 3.30 p.m. on Friday was up 23.6 points at 1112.5 and the “Financial Times” 30 index was 20 points higher at 854.5. Firmer sterling and an assurance on Thursday by the Chancellor of the Exchequer that the British Government’s financial strategy is on course further helped prices. *■ Government bonds showed gains of up to one point, boosted by the sharply higher opening in American credit markets on the lower than expected 2.7 per Cent third-quarter rise in American G.N.P. Oils ended higher on reports that other members of the Organisation of Petroleum Exporting Countries are not expected to follow Nigeria’s lead in cutting their oil prices before they meet this week. Shell gained 22p at 633 p, Ultramar added 17p to 248 p, and BP rose 7p to 463 p. The gain in BP was limited by news that it had purchased 4.75 million Johnnson Matthey shares. JM was up 23p at 125 p,

while Charter Consolidated, a 27.9 per cent stake-holder, rose 15p to 223 p. Double figure gains were seen in leaders, with Tate and Lyle up 25p at 420 p on bid speculation and ICI up 24p ahead of results due this week. Banks were firm, with Natwest up 7p at 524 p. North American shares were mixed and golds firm. Prices had fallen sharply on Tuesday, Wednesday and Thursday because of a breakdown in mine-strike talks, the weakness of sterling, and overseas cuts in oil prices. Closing prices on the London Stock Exchange on Friday were (mid-price):— ■ Ampol 121)14, Anz bank 342%, BP 463, BHP 722, BAT 270, War Loan 31% 35%, Dalgety 438, De Beers 487 (quoted in U.S. dollars), Distillers 279, Elder Smith 324%, Fletcher Ch 108%, Glaxo 965, ICI 688, Lloyds Bank 484, Marks and Sp 118, North BH 164%, P and O 263, Plessey 216, Prudent ‘A’ 471, Reed Int 456, Renison cons 190, Reuter ‘B’ 252, RtZ Reg 591%, Rtz Bear 595, Shell Tr 633, Thorn ord 427, Transport Dev 92%, Unilever 1029/64, Western Min 211%, Westpac 269%.