London prices higher

Press, 19 December 1988, Page 28

London prices higher

NZPA-Reuter London Shares were near their day highs in late afternoon trading in London on Friday, gaining support for most of the session by short covering and shortage of stock. A firm Wall Street opening helped underpin prices although volume was light. By 3.52 p.m. the FTSE 100 share index was up 10.8 points to 1774.0, just short of the high of 1775.0 reached at 3.10 p.m. Volume at 3 p.m. was 345.3 M shares. Another dealer commenting on yesterday’s rise said: “I think there’s an element of window dressing to it all.. .market makers are giving prices a bit of a nudge to end the year on a high note.” He said that in the absence of bad news it was possible that market makers might try to coax prices higher next week.

The FTSE 100 share index rose 17 points from midweek, having held within a narrow range from Monday. News that the retail price index, Britain’s main inflation

measure, rose 0.5 per cent in November to give a year on year inflation rate of 6.4 per cent had little impact. The figure was unchanged on October and only marginally above forecasts. Most in the markets had anticipated the November retail prices index would rise 0.4 per cent to give a year on year inflation rate of 6.3 per cent, dealers said.

Shares in retailer, Sears, were up 5p to 114. The company has sold its betting interests to Grand Metropolitan for £33IM cash. Grand Met fell Ip to 431. Sears said it will apply sale proceeds to reduce its borrowings, but the move triggered speculation the company might be clearing the decks to possibly launch a major bid. BP shares were up 2p to 259, firming with the wider market and little influenced by news that Britain had told Kuwait it has three years to

cut its BP stake to 9.9 per cent from 21.6 per cent. Prices of a selection of stocks at the close in London on Friday (in pounds).— AMEC 3.25, ASDA-MFI 1.29, Allied Lyons 4.37, BTR 2.91, Barclaysßank 4.18, Beechams 4.70, Bicc 3.62, BlueCircleCmt 4.23, BocGroup 4.01, Boots 2.17%, Bowater 3.95, BATInd 4.37, Brit Airways 1.60%, Brit Arrow 1.02, Brit Gas 1.60, BP 2.59, BritTelecom 2.55, BSRIntl 0.57, BurmahOil 4.77, Cable Wire 3.65, CadburySchw 3.24, Comm Union 3.29, Courtaulds 2.55, DeLaßue 3.92, Fisons 2.34, GenAcc 8.58, Gen Elect 1.89, Gestetner 1.97, GKN 2.98, GlaxoHldgs 10.22, Guinss 3.35, Grand Met 4.32, Gus(A) 9.29, Guardßoyal 1.80, Hanson Trust 1.49, Hawker Siddeley 5.28, ICI 9.93%, Inchcape 1.97, Jaguar 2.59, Johnson Matt 3.32, Julianas 0.70, Land Sec 5.45, Legal Gen 2.82, Lloydsßank 3.22, Lucaslnd 5.24, MarksSp 1.50, Metalßox 2.48, Midlandßank 4.12,

Nat West 5.22, PandO 5.23, Phillips 0.08%, Pleasurama 2.32, Plessey 2.15, Prudential 1.52, RanksHM 3.41, Rank 6.92, Reed 3.48, ReckittCol 9.09, Redland 3.96, Reuters 4.81%, RTZ 4.03, Rollsßoyce 1.27, Royal Dutch 0.63%, Royallns 3.82, ShellTr 3.43, SmithNep 1.14, Standardßank 4.95, Tate Lyle 8.05, Taylor Woodrow 5.86, ThornEMl 6.05, TrustHF 2.45%, TlGroup 3.50, Turner Newell 1.60, STC 2.66, Ultramar 2.82, Unilever 4.45, Unitedßiscuits 2.82, Vickers 1.65, WaterfordGlass 0.81%, Woolworths 2.24.

AUSTRALIA, N.Z. ANZBank 2.48, Bell 0.79, Bond 0.83, Brierley 0.40, BHP 3.16, CRA 3.49, CSR 1.97, Charterhall 0.20, ColesMyer 3.89, Dalgety 2.95, Elders 1.23, Fletcher 1.50, IClAust 3.12, MIM 0.79, NatAust 3.04, Newslntl 2.10, NthßH 1.18, NZI 0.21, RenisonGold 3.03, TKM 0.98, Transport Dev 2.17, West Mining 2.18, Westpac 2.48.