London: new account

Press, 9 March 1987, Page 14

London: new account

NZPA-Reuter London Shares were down in late business in London on Friday but showing an upward trend from the lows as buyers cleared the decks and moved in for the new account, dealers said. Profit-taking on the record levels reached in the two week account ending at 3.30 p.m. took the FTSE 100 index down to its low of 1987.9 by that time. But 11 minutes into the new account, at 3.41 p.m., the index was down only 9.7 points at 1993.1. Dealers said the proposed £294M rights issue from Ladbroke gave weight to the early selling but underlying optimism ahead of the March 17 Budget, which falls in the new account, was helping

values come up from the lows.

A DTI spokesman said the situation concerning Burton was exactly as it was two weeks ago, when the Department first announced it was considering allegations of misconduct during Burton’s take-over of Debenhams in 1985.

Ladbroke recovered from its 420 p low to stand 3p off at 428 as investors reconsidered news of the £101.3M 1986 pre-tax profits which compared with £75.1M last year. The oils came up from the lows with the rest of the market in trading after. 3.30 with BP down lOp to 801 and Shell rising 3p to 1146

Prices at the close of trading on the London Stock Exchange on Friday (in

pounds) included: Ampol 1.36, Allied Lyons 4.05, ANZ Bank 2.32, BP 8.02, BHP 4.52, Bond 1.18, Brierleys 1.57, BAT 5.24, Telecom 2.50, War Loan 38-15/16, Charterhall 0.37%, Coles Myer 2.63, CRA 2.98, CSR 1.62, Dalgety 3.23, Elders IXL 2.19, Fletcher Challenge 2.00, Glaxo 15.35, Hanson Trust 1.74, ICI (Aust) 1.52, ICI (UK) 13.65, . Lloyds bank 5.00, MarksSp 1.70, MIM 1.01, Nat Aust Bank 2.33, Nth BH 1.07, NZI 0.78, P and O 6.44, Plessey 2.39, Prudential 8.93, Reed Int 4.15, Renison Cons 5.54, Reuter ‘B’ 6.77, RTZ Reg 7.34, RTZ Bear 7.42, Shell Tr 11.50, Std Telephone/Cables 2.60, Thorn Ord 6.40, TKM 1.51, Transport Devel 2.50, Unilever 26.30, Western Mining 2.59, Westpac 2.00, De Beers SUSIO.BS.