Shares firm on highs in London

Press, 3 April 1989, Page 14

Shares firm on highs in London

NZPA-Reuter London Share prices were at the day’s highs in moderately active late afternoon business in London on Friday, supported by a firmer tone on Wall Street. Traders said that declines on Thursday may have been exaggerated. Some buying for the new account, which begins this week, helped the market maintain its firmer tone on Friday afternoon. Dealers said that with market opinion settled on the idea that British base rates will stay at 13 per cent, unless there is a sudden change in the economic climate, Wail Street could provide some direction to the London market.

Reuters was 29p higher at 692 after initial weakness on news it is to convert its voting ‘A’ shares into listed ’B’ shares. The company said the conversion should improve the marketability of its shares.

Glaxo stood 24p up at 1321 on bargain hunting. One dealer said: “Glaxo must be one of the more undervalued stocks in the sector, people just think it’s looking like a good buy at the moment.” ICI was 6p up at 1178. Sun Alliance was 33p up at 1163 ahead of results on Wednesday which are expected to show pre-tax profits rising to around £4OO million from a previous £171.5 million. Royal Insurance was Ip firmer at 418, with Legal and General 2p weaker at 333.

TSB was Ip down at 117. It lost ground on Thursday when the company forecast a downturn in profits in the first half of the year 1988/89. Pearson was 7p higher at 702, ahead of announcing 1988 results next week. Pearson earlier said it is to sell its 53.5 per cent stake in French claret producer Chateau Latour to Allied-Lyons for £56.2 million (SNZIS3.9M). Allied, which previously owned 25.2 per cent of the French company, was 8p higher at 447. A firmer crude oil price boosted oil companies. Enter-

prise was lip up at 530, BP rose 5p to 287, Lasmo gained 6p to 443.

Dealers said US demand pushed Cable and Wireless 17p higher to 486. RMC gained 12p to 664, Unilever was 8p ud at 537.

Friday, March 31 ( £). — AMEC 4.38, ASDA 1.46, Allied Lyons 4.47, BTR 3.83, Barclays Bank 4.43, Beechams 5.93, Bicc 5.14%, Blue Circle 5.36, Boc 5.05, Boots 2.72; Bowater 4.94, BAT 5.75, Brit Airways 2.02, Brit Arrow, I. Brit Gas 1.80, BP 2.87, Brit Telecom 2.75, BSR 0.62, Burmah Oil 5.44, Cable Wire 4.87, Cadbury-Schw 3.46, Comm Union 3.75, Courtaulds 2.97, De La Rue 3.40, Fisons 2.86, Gen Acci 9.67, GEC 2.32, Gestetner 2:55, GKN 3.68, Glaxo 13.23, Guinness 4.46, Grand Met 5.37, GUS 10.03, Guard Royal 2.15, Hanson Trust 1.86, HawkSidd 6.54, ICI 11. Inchcape 2.69, Jaguar 3.23, Johnson Matt 3.79, Julianas 72, Land Sec 5.74, Legal and Gen 3.34, Lloydsßank 3.53, Lucaslnd 6.17, Marks and Sp 1.63, Metalßox 2.83, Midlandßank 4.43, Nat West 5.82, PandO 6.72, Philips 0.10%, Plessey 2.53, Prudential 1.91, RanksHM 4, Rank 8.98, Reed 4.05, Reckitt and Col, 10.67, Redland 5.17, Reuters 6.90, RTZ 5.25, Rollsßoyce 1.82, Royal Dutch 0.36%, Royallns 4.20, SheilTransport 3.86, Smith and Nephew 1.38, StandardBank 5.30, Tate and Lyle 2.37, Taylor Woodrow 6.32%, ThornEMl. 6.97, TrustHF 2.88, TI Group, 4.50, Turner Newell 2.14, STC 3.10, Ultramar 2.86, Unilever 5.35, United Biscuits 3.18, Vickers 1.91, WaterfordGlss 0.73. N.Z., AUSTRALIA

ANZBank 2.40, Bell 0.73, Bond 0.78, BIL 0.52, BHP 3.65, CRA 4.02, CSR 1.94, Charterhall 0.22, ColesMyer 3.85, Dalgety 3.52, Elders 1.27, Fletcher 1.87, ICI Aust, 2.93, MIM 0.84, NatAust Bank 2.96, Newsl 3.20, NthßH 1.14, NZI 0.17, RenisonGold 3.49, TKM 1.18, Transport Dev 2.47, West Mining 2.33, Westpac 2.54.