DECLINE ON SYDNEY

Press, Volume C, Issue 29684, 30 November 1961, Page 21

DECLINE ON SYDNEY

Leaders Again Easier (NA Prtss Acmr-Copyrtght) SYDNEY, Nov. 28. Share prices continued to decline on Sydney Stock Exchange this week. The stock exchange share price index fell 228 points to 294.98 in the week to Tuesday after the previous week's 3.50 drop. Leading stocks eased further on Wednesday. The index is now at its lowest level since last April, although it was almost down to this level in late September and early October. BU.P. lost Is to 68s 9d after the previous week's Is 3d drop. CSA rose from £6O 10s to £6l ss, but release of the interim report pushed it back to as low as £5B 15s before finishing around £59 10s. I.C.IAN.Z. announced lower sales and profits on the eve of rights trading and as a result the rights are selling at several shillings below the level indicated by the last “cum rights” price. Offer Withdrawn After various court battles the Stocks and Holdings offer! to Development Underwrit-! ing was withdrawn. Savoy Corporation, the largest shareholder in Development Underwriting, was opposed to the offer in spite of its recommendation by directors. Rushcutter, Ltd., which is to operate a combined motel-1 bowling centre to be managed by Motels of Australia and Tenpin Bowling, was added to the list this week, and had first sales between 5s 8d and 5s 6d, Peko-Wallsend made a surprise offer to National Minerals, thus bringing about further rationalisation in the Zircon, Rutile field. Woodside (Lakes Entrance) was particularly strong early in the week, but later eased slightly. The company will soon “spud in” in Wellington Park No. 1 well in association with the Atlantic Refining Company of America.