London market
Share prices were easier as profit-takers stepped in on the last day of account on the London Stock Exchange on Friday. The “Financial Times”
industrial index fell 7.4 points to 525.3, for a net loss of 5.5 points on the week.
The market opened the week with Government bonds higher but equities barely steady. On Tuesday the market was in retreat ahead of the Budget announcement, and uncertainty about a minimum lending rate cut.
Government bonds closed up to almost a point easier on Wednesday, on continuing speculation 'that interest rates were unlikely to ease in the near future. However, on Thursday the market recovered, encouraged by higher earnings from several large companies, while bonds held steady in little reaction to the reduction in the Bank of England’s minimum lending rate to 12 per cent and the clearing bank base rate cuts. Closing prices on Friday of a selection of shares were: — Ampol, 45$ xr; ANZ, 257 J; BNSW. 2211; BHP, 757; Dalgety, 3484; Elder Smith, 1721; Lloyds Bank, 3274; Mt Lyell, 54; Challenge, 126; NBH, 105 J; Plessey, 108; RTZ, ord, 303, and regd, 2074; BH Sth, 974; Trans Dev, 723; Western Mining, 1531 xd; 8.A.T., 3074; Distillers, 240; Glaxo, 5551; ICI, 3894; Marks and Spencer, 114; P and O, 824; Prudential 'A,* 177-4; Reed Int, 183 J; Shell Trans, 7421; Unilever, 626; War Loan, 351; De Beers, 376.
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Press, 9 April 1979, Page 27
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232London market Press, 9 April 1979, Page 27
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