London Shares Finish 14.9 Points Higher
LONDON (AP) _ Share prices rose today, helped by a small amount of buying and a stronger trend on Wall Street.
The Financial Times-Stock Exchange 100-share index rose 14.9 points to close at 1,639.3, the day’s best level.
Volume was a modest 481.8 million shares, down sharply from 706.2 million shares traded on Tuesday.
The market rallied in the morning after a small amount of buying took place in a quiet market, dealers said.
Some investors were encouraged by Tuesday’s move by British Petroleum Co. PLC to acquire 14.9 percent of Britoil’s stock and to make a tender offer for another 15 percent, dealers said.
Share prices received a boost towards the close of trading when prices on Wall Street rose, dealers said.
″The (London) market doesn’t have much direction of its own,″ said Chris Chaitow, an analyst at Morgan Grenfell Securities. ″It has tended to wait for Wall Street before moving one way or the other.″
The market remained quiet, with most investors waiting for the release of U.S. trade figures for October, scheduled for Thursday.