Market takes early break

PUBLISHED : Saturday, 26 August, 1995, 12:00am
UPDATED : Saturday, 26 August, 1995, 12:00am

THE market in London was barely ticking over in the early afternoon as investors closed their books ahead of the long British holiday weekend, dealers said.

'It's like watching paint dry. It is truly a boring day. But, ahead of the weekend, nobody really cares. We're all just waiting to go home,' one senior dealer said.

The FTSE-100 index was up 1.8 points to 3,521.8 after lunch, having spent the morning session in a tight 11-point trading range.

London financial markets are closed on Monday for a bank holiday.

Technical analysts say the FTSE has good support at the 3,500 level, with near-term resistance pegged at 3,530.

For the remainder of the session, the FTSE was expected to trade 10 points either side of Thursday's closing level of 3,520.

Thorn EMI, up 22 pence at 1,494 pence, was one of a handful of shares to see some buying interest. The shares benefited from a Kleinwort Benson 'buy' note. Shares in regional electricity companies also were firm following news of the revised offer for South Western Electric by US group Southern Co.