SHARE PRICES NEAR DAY'S LOWS AT LONDON MIDSESSION
Equities steadied near the day's lows at
midsession after a hesistant start mainly due to lack of
interest in quiet trading conditions.
    Dealers said most of the trading appeared to be
inter-professional, highlighting the market's cautious approach
in the wake of yesterday's strong performance. The latest
opinion polls strengthened the market's conviction that the
Conservatives will win the next general election, but the
uncertainty over the date continues to provide an unsettling
factor.
    At 1141 GMT the FTSE 100 index was 10.6 down at 1.979.0.
    In a poll conducted for television programme TV-AM showed
the Conservative Party 13 points ahead of the Oppsition Labour
Party. An opinion poll published in the Times newspaper today,
which measured party support in 73 key marginal seats, gave the
Conservative party a lead of six points over Labour.
    Concern over the possibility of a trade war with Japan,
although less pronounced, provides a further note of caution,
dealers said. Yesterday the Japanese finance ministry said it
will help expand the Tokyo Stock Exchange membership to
facilitate foreign membership.
    The lack of enthusiasm for shares this morning despite
gains to record territory on both the New York and Tokyo stock
exchanges further underlined market nervousness.
    ICI fell a penny at 1,334, Glaxo 8p at 1,480, Beecham 12p
at 521, BPB 10p to 660 and P and O 3p to 617. Wellcome shed 23p
to 397 on profittaking after adverse press comment on the side
effects of its "Retrovir" aids drug, dealers said. London
International, makers of condoms, gained 14p at 302 in
contrast.
    Among few other gains Jaguar rose 12p to 587 mainly on U.S
demand, dealers said, Unilever added 8p at 2,578, Plessey 2p to
243, as did Reuter at 701p.
    In lower oils BP shed 13p at 907p after news yesterday
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 lost 10p at 1,223.
    Banks mostly showed modest declines. Barclays eased a penny
to 503 as did Natwest at 588. Standard Chartered lost 4p 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 was one penny higher at
488.
    Extel further declined today, losing 28p to 462 in the wake
of news yesterday British Printing and Communications Corp and
its associates said they would not be making a bid for the
company.
    In mixed insurances Sun Life gained 7p at 1,085, Prudential
Corp rose a penny  at 833 while Royal declined 4p to 945 as did
Sun Alliance at 828.
    The market now awaits Wall Street's opening, which is
expected mixed to higher, for further direction. At 1151 GMT
the FTSE 100 share index was eight points down at 1,981.0,
lifted by some selected bargain-hunting after touching 1978.7
earlier.
 REUTER
