Sydney Week Closes On Easier Trend

Press, Volume CII, Issue 30234, 12 September 1963, Page 19

Sydney Week Closes On Easier Trend

(N.Z. Press Association —CopyrieMJ

SYDNEY. Sept. 11. The market was fairly steady for most of the last week, but yesterday's easier trend push«i the share price index down 1| points, making this week’s closing level almost a point tower at 351.26, according to the. Sydney Stock Exchange market review. Turn-over levels of both the investment and mining sections have been tower this

week. Average daily investmetut turn-over art 511,000 has been quite depressed, but average daily mining turnover was stiM very active ait 140,000 compared with the previous week's keen trading ait 160,000 daily. Leaders have been irregular this week. LCI. lost some of its recent gains with a fall of Is 6d to 52s 6d, A.C.I. eased Is to 645, AJ?.M. dropped lid to 31s Id and C.S.R. sold Is 3d lower this morning at 68s 6d. The chief gains among the leaders came from Elder Smith Goldstmough Mort up Is 2d to 225, National Consolidated up Is 6d to 31s 6d and TV Corporation which sold Is higher at 565. Oil Stocks have strengthened. A.O.G. put on 3s 3d to sell at 47s 3d this morning. A.A.O. hnmed Is 9d to 30s 6d white Alliance Oil Development, Alliance Petroleum and Clarence River have : shown gains during the I week. Of non-oil mining stocks, Mt. Isa firmed 9d to 37s 3d, C.R.A. was slightly firmer ait 23s 6d. Company reports continued to show higher earnings for the latest year. As in the previous week, the market appeared to have rather accurately anticipated the news. Mt. Isa Profit Mt. Isa disclosed a consolidated net profit of £5.6m, which was up £2.2m on the previous year when a strike upset production. Dunlop Rubber increased earning 19 per cent to £2.3m and Olympic Consolidated ’ gained slightly at £l.6m. Dlder Smith Goldsbrouigh Mort's net earnings amounted to £l.Bm in its first year following the merger. Miliaquin announced a one-for-three bonus issue following disclosures of 67 per cent higher earnings at £343,000. L. J. Hooker disclosed consolidated net earnings of £275,000, equal to 5.2 per cent on capital. The shares in L. J. Hooker eased 6d following the announcement to sell at 5s 3d.