LONDON Shares decline but Govt bonds firm

Press, 1 April 1985, Page 32

LONDON Shares decline but Govt bonds firm

NZPA-Reuter London British Equities ended the first leg of the threeweek Easter account lower in dull trading, a flood of company results attracting most attention, London dealers said. The “Financial Times” 30 share index was 28.1 points lower at 964.3 and the more broadly based “Financial Times” 100 index declined 25.9 points to 1277.0. Dealers said despite the half-point cut to 13j>er cent in base rates on Thursday by National Westminster and Lloyds, some operators were disappointed that the other two major clearere

had not followed suit and felt the cut may have been premature. Government bonds showed gains of over a full point in long dated issues reflecting the recent strength of sterling. The British Government issued £7SOM in tranches of exsisting bonds comprising £2SOM of 10% per cent Exchequer 1997 and £SOOM of 9% per cent conversion 2004.

American favourites were lower with the weaker dollar, with ICI down 22p to 762, Glaxo 55p to 1085, BTR 16p to 691, and Jaguar 20p to 296. Among other leaders

Woolworth Holdings jumped 86p to 779 following better than expected annual results and a 100 per cent scrip issue. British Aerospace gained 48p on the week to 423, also reporting 1984 figures above market forecasts while Exco dropped 35p to 673 on profit-taking after its results and two-for-one capitalisation issue. Among other companies reporting last week, Prudential finned 12p to 605 and Tricentrol gained 5p to 233 while P and O dropped 12p to 346, Lucas declined 17p to 271, Standard Chartered eased lip to 454 and BAT Industries fell 28p to 323.

United Newspapers shed 12p to 308 after figures last week and following news of plans to bid for Fleet Holding and is seeking the British Government’s consent. Fleet finned 4p to 291. It said it sees no merit in the planned bid in the absence of details.

Thorn EMI shed 28p to 401. A brokers’ circular earlier in the week forecast a loss of earnings at its Imnos subsidiary although the company said later it expects a profit this year. Lloyds Bank dropped 30p to 522, Royal Insurance shed 28p to 588 and in oils, Shell fell 34p to 706.

Closing prices of a selection of stocks on the London Stock Exchange on Friday were (mid-price):-Ampol, 107%; ANZ bank, 257%; BP, 540; BHP, 335%; BAT, 321; War Loan, 3%, 35%; Dalgety, 484%; De Beers, 517 (quoted in U.S. dollars); Distillers, 282; Elder Smith, 182% Fletcher, 129%; Glaxo, 10-27/ 32; ICI, 764; Lloyds bank, 522; Marks and Sp., 144; Nth Broken Hill, 136%; NZL 64%; P and O, 348; Plessey, 192; Prudential ‘A’, 603; Reed Int., 558; Renison, 282%; Reuter ‘B’, 353; RTZ Reg, 658%; RTZ Bear, 665; Shell Tra., 705; Thorn Ord., 404; Transport Dev., 124%; Unilever, 11-27/32; Western Mining, 227%; Westpac, 197%.