LONDON High hopes for Budget
NZPA-Reuter London The London stock market ended firm after a week dominated by a spate of company results. Trading was generally light, but hopes that tomorrow’s British Budget will boost consumer spending with tax cuts and reduce capitalgains tax encouraged buyers into the market on Friday, dealers said. The “Financial Times 30” share index rose 14.4 points to 1002.5, and the more broadly based “FTSE 100” index added 21.3 points to a record high of 1309.9. Government bonds ended with gains of up to threeeighths of a point, demand in index-linked issues on Friday exhausting the 2% per cent Treasury 2016 "Tap” stock at £ 98%. Gold shares mirrored the trend of the bullion price to show gains of around SUS 3. GKN firmed 20p to 239, after better-than-expected annual results, but United Biscuits fell 5p to 185, after its one-for-five £98.2M rights issue, which accompanied its 1984 results. Among other companies reporting last week, Sedgwick Group firmed 34p to 410, TI Group added 20p to 248, Rowntree Mackintosh gained 15p to 395, and Ultramar rose 17p to 220. Shell reported full year figures in line with market forecasts but dropped 13p to 758, which partly reflected two brokerage firms’ saying on Friday that the share price was too high compared with BP. BP was 26p lower at 535, having started the week in exdividend form. News that the British Government has decided to abolish the State-owned British National Oil Corporation dampened sentiment in the oils
sector. BTR jumped 82p to 741 following last week’s news that it had agreed merger terms with Dunlop, which firmed 19p to 70p. Among other leaders Plessey gained 12p to 194 and Boots rose 7p to 175. ICI dropped 30p to 812 ex-dividend. Banks were mixed, with Lloyds up 15p at 557 and Midland lOp easier at 339. House of Fraser shaded 6p to 396. The British Government said it had decided not to refer Alfayed Investment and Trust’s bid for Fraser to the Monopolies Commission. Exco rose 38p to 723. It said on Thursday that its associate, Telerate, was holding discussions with International Marketnet (IMNET) to make Telerate’s database available through the Imnet system. Reuters ended the week 26p higher at 384. A joint statement on Thursday said an agreement in principle had been signed for Reuters to market Instinet Equity Trading Service outside North America. Closing prices on the London Stock Exchange on Friday were (mid-price):— Ampol 117%, ANZBank 279%, BP 535, BHP 360%, BAT 378, BWarLoan, 3% 34-7/8, Dalgety 502%, Deßeers 447 (quoted in U.S. dollars), Distillers 300, Elder Smith, 212%, Fletcher Ch, 134%, Glaxo, 1151/64, ICI, 813, Lloydsßank 557, Marks and Sp 145, NthßH 142%, NZI, 59%, P and O 363, Plessey 192, Prudential’A’ 556, Reedlnt 592, Renison cons 269%, Reuter'B' 384, RtZßeg 641%, RtZßear 650, ShellTra 760, Thorn ord. 424, TransportDev, 125%, Unilever 12-13/32, Western Min 226%, Westpac, 212%.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19850318.2.137.3
Bibliographic details
Press, 18 March 1985, Page 32
Word Count
484LONDON High hopes for Budget Press, 18 March 1985, Page 32
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.