P.M. BRIEFING : London Share Prices Shrug Off Uncertainty, Close Much Higher
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LONDON — Share prices rallied to close sharply higher on London’s Stock Exchange today, managing to shrug off domestic and international uncertainty.
The market was buoyed by expectations that Prime Minister Margaret Thatcher’s successor would cut Britain’s 14% base lending rate because of the pound’s strength, dealers said.
The Financial Times-Stock Exchange 100-share index closed up 42.6 points, or 2%, at 2,170.5.
The Financial Times 30-share index closed up 40 points at 1,712.2. The Financial Times 500-share index rose 20.89 points to close at 1,145.18.
The Conservative Party is to vote on three leadership contenders Tuesday. Thatcher announced her resignation Thursday.
A shortage of stock also was a factor in today’s rally, traders said. They said fund managers have been looking for quality stocks to boost their portfolios before the end of the year.
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