London Shares Gain 10.8 Points
LONDON (AP) _ Share prices rose today on the London Stock Exchange, closing at the session’s peak.
Analysts said shares were boosted by a spate of late buying encouraged by British Petroleum Co. PLC’s decision to press ahead with its bid for Britoil PLC.
The Financial Times-Stock Exchange 100-share index closed 10.8 points higher at 1,717.0, the day’s best level. The index hit a session low of 24.7 points lower at about 11:30 a.m. local time.
Volume was 630.1 million shares, down from 728.4 million shares traded on Thursday.
Share prices moved out of negative territory at mid-afternoon on a wave of buying after the 3:30 p.m. start of the exchange’s new three-week trading account period.
Investors also were encouraged by BP’s decision to press ahead with its bid for the Britoil shares it doesn’t already own.
BP said it would continue the bid despite a statement by the Treasury which said it would use its special ″golden″ share in Britoil to prevent any bidder from gaining control of the oil exploration company’s board.
BP offered 450 pence for each Britoil share, valuing the company at 2.27 billion pounds.
Britoil shares moved sharply up and down during the day, reacting to the various statements.
Britoil shares closed 1 penny lower at 421 pence. BP was down 1 penny at 238 pence.