LONDON Shares higher as sterling rallies

Press, 3 February 1986, Page 32

LONDON Shares higher as sterling rallies

NZPA London The London sharemarket closed higher last week after sterling rallied following the steadier trend in crude oil prices and relieved pressure on British interest rates. Buying was moderate, but the Financial Times 30 share index managed to break new ground and ended 34.8 points up at a new closing high of 1161.0. The Financial Times Stock Exchange 100 share index was 43.0 points up on the week at 1435.0. Rank Organisation up 72p to 497, cheered the market with a 30 per cent rise in full-year profits to £I37M. ICI gained 32p to 816. Government bonds gained up to three points. Coats Patons ended the week 22p higher at 225 after news of a merger with Dawson International, which was 26p lower at 202. Westland ended 32p higher at 130

after Lloyds Bank, acting on behalf of itself and a European consortium, said it would make a tender offer for up to 12.63 M Westland shares at 130 p per share. Extel ended 48p up at 395 after news of an offer from the Demerger Corporation, a new company, had been rejected by Extel. Davenports was 42p higher, at 410 after an increased and final offer from Wolverhampton and Dudley Breweries, 3p firmer at 415, valuing the company, at £34.5M.

Elsewhere, Beecham ended the week 3p firmer at 366 after fluctuating on bid speculation. The company denied any bid approach. Glaxo closed at 863 after a share split, compared with a previous of 1640. Hanson Trust closed at 144 after a one-for-three scrip split, compared with a previous of 191. Stores saw GUS ended 22p higher at 752

after favourable press comment, dealers said. Breweries had Devenish 77p up at 725 after returning from suspension on news of an agreed merger with Inn Leisure. Yarrow closed 60p firmer at 560 after an increased and final offer from the Weir Group valuing the comapny at £20.5M. Oils finished the week higher on balance, reflecting steady crude prices, with BP 3p up at 578 and Ultramar 12p firmer at 215. In steady banks, Barclays added 25p to 459 while Lloyds edged 4p higher to 459. Firmer insurances saw Royal 20p up at 795. Golds were higher on the back of the bullion price, dealers said. Randfonteiri rose SUSS% to 94. Closing prices on Friday of a selection of shares on the London Stock Exchange were: Allied Lyons 268, BP 576, BHP 446, BAT 348, British Oil 200, Telecom 188, War Loan 3% 34%, De Beers 592, Distillers 566, Glaxo 863, ICI 113, Lloyds Bank 457, Marks and Spencer 173, P and O 458, Plessey 184, Reuter ’B’ 376, RTZ reg 574, Shell Tr 668, Thom Ord 387, TKM 81, Unilever 14, Western Mining 184, Westpac 233.