EQUITIES OPEN MIXED IN QUIET LONDON TRADING
Share prices opened mixed in relatively
quiet trading after early indications suggested a positive move
forward on the back of the latest opinion polls and record
closing highs on the Tokyo and Wall Street stock exchanges. At
0815 GMT the FTSE 100 index was 4.7 off at 1984.5.
    Dealers said the effect of news today of two opinion polls,
one of which, conducted for the television programme TV-AM,
placing the Conservative party 13 points ahead of the
Opposition Labour Party was offset by a belief that the
market's gains yesterday may have been overdone and that a
period of consolidation is due.
    An opinion poll published in the Times newspaper today
which measured party support in marginal seats gave the ruling
Conservative Party a lead of six points over the Labour Party.
    Operators said although the market is generally convinced
the Conservatives will win the next general election,
uncertainty over the date is continuing to provide an
unsettling influence.
    Among the leaders, ICI lost 2p at 1,333, Beecham 8p at 525
and Glaxo 4p at 1,484 but Wellcome lost 25p at 393 on
profittaking, dealers said.
    Dealers also said fears of a trade war with Japan, although
less acute, remain a nagging concern in the absence of fresh
developments
    Unilever gained 10p to 2,560, Dixons 4p to 373, British
Telecom a penny to 253 and Reuters 2p to 701.
    In lower oils BP shed 6p at 914 in the wake of news
yesterday that Standard Oil considered inadequate BP's 70 dlrs
per share tender offer for the 45 pct of Standard that it does
not already own. Shell declined 5p to 1,228.
    Banks were mostly lower but showed modest declines.
Barclays eased a penny to 503, as did Natwest at 588.
    Standard Chartered lost 3p to 821 after recent gains on bid
speculation. Press reports said Australian businessman Robert
Holmes A'Court increased his stake in the company yesterday.
Dealers said Lloyds bank is widely expected to renew its offer
for Standard once its one-year bid limit ends in July. Lloyds
rose one penny to 488.
    Government bonds showed gains ranging to 3/16 point, mostly
due to bullish sentiment generated by today's opinion polls,
dealers said.
 REUTER
