LONDON Week of records

Press, 24 February 1986, Page 20

LONDON Week of records

PA London Share prices were higher on the week to give a rise in excess of 60 points on both the FT 30 and FTSE 100 share indices for the fortnightly account which closed on Friday. The market this week was dominated by the bid battle for Distillers between Argyll and Guinness, and for Imperial Group between Hanson Trust and United Biscuits, dealers said. This fuelled interest in other prospective bid stocks while the better than expected U.K. Public Sector Borrowing requirement figures for January and the higher trend on Wall Street provided further impetus. The FT 30 index ended 22.8 up at 1256.0 after touching an all-time high of 1256.2 while the FTSE 100 closed at an all-time high of 1518.0, up

25.9. Distillers finished lip up at 631 after an increased agreed offer from Guinness, lip lower at 280, valuing the company at around £2.5 billion. The new bid is made on the basis some of the combined group’s scotch whisky brands will be sold off to reduce its market share from 36 per cent to around 25 per cent. Guinness’ original bid was referred to the Monopolies Commission. Rival suitor Argyll Group ended 12p lower at 341. Imperial Group ended the week 23p higher at 314 after an Increased final offer from Hanson Trust, 7p up at 158, worth around 310 per share was topped by a larger offer from United Biscuits worth around 342 p per share. Imps accepted the offer from UB which finished the week 17p down at 225.

Granada rose 66p to 294 after rejection of a 297 p share offer from Rank Organisation, unchanged at 537. Among bid speculation stocks MEPC met late demand to close 35p higher at 380 while TI group added 23p to 431. Leading industrials were higher with Glaxo up IlOp to 1005 mainly on US demand, dealers said. ICI firmed 47p to 904. Among other leading stocks Lucas advanced 60p to 606 after news it is to close a subsidiary plant. GKN added 22p to 330, Jaguar rose 24p to 490 and Reuters gained 55p to 438 mainly on US interest, dealers said. Banks were higher, with Natwest up 32p at 709 while Midland rose 5p to 474. Insurances firmed ahead of the results season as in Royal 23p up at 848. Oils lost ground reflecting weaker crude

prices with BP 9p lower after % full year results. Golds'" firmed with the steadier bullion price. Randfontein added SUSI.SO to 92. Government bonds rose around four points in the longerdated issues, reflecting sterling.

Closing prices (in pence) on Friday of a selection of issues were.—

Allied Lyons, 290; ANZ, 240; BP, 538; BHP, 323; Bond Corp, 128; BAT, 358; Brit Telecom, 186; War Loan, 35; Coles, 215; CRA, 276; CSR, 160; Dalgety, 255; De Beers (in SUS), 660; Distillers, 631; Elders IXL, 170; Glaxo, 1005; ICI (Aust), 111; Lloyds Bank, 484; Marks and Spencer, 189; MIM, 124; Nat Aust Bank, 233; P and O, 480; Plessey, 210; Prudential, 802; Reed Int, 772; Renison, 265; Reuter ‘B’, 592 and bear, 605; Shell 438; RTZ reg Transport, 673; Thorn ord., 447; Tozer, 115; Trans dev, 153; Unilever (in stg), 14; West Mining, 171; Westpac, 225.