Trend In Sydney “Indefinite”

Press, Volume CIII, Issue 30512, 6 August 1964, Page 21

Trend In Sydney “Indefinite”

(N.Z. Press Association—Copyright)

SYDNEY, August 5.

Although a shade firmer the Sydney Stock Market tended to show significant daily fluctuations which meant there was difficulty in determining a definite trend for the week. Trading in the industrial section was light with the daily turn-over a shade in excess of 500,000 while the mining turn-over continued brisk at 150,000 daily.

Leading stocks were uneven recording a number of rises and falls. B.H.P. could not maintain its recovery and fell Is to 54s 6d, National Consolidated after reaching 35s fell to 345. Rises included the Bank of N.S.W. up Is to 645, E.Z. Industries 7d firmer at 25s fid and C.S.R. at 81s 6d up Is 3d.

In the miscellaneous section prices tended to fluctuate with rises outnumbering the falls.

8.M.1. rallied from the depressed prices of last week to close Is 4d firmer at 26s 3d, Eric White continued to gain ground and rose a further 2s to 28s, Hanimex was up Is to 17s 9d. Anderson Meat was one of the few stocks to lose ground, dropping Is 9d to 26s 9d. This was in the light of the meat discussions in the U.S.A.

Company reports of interest this week included preliminary results from Philip Morris and Lend Lease and a take-over bid by Howard Smith.

Philip Morris announced a consolidated net profit of

£529,348 which was a 30 per cent increase over last year’s figure. Howard Smith, investor in coal, shipping and sugar, made a take-over bid for the shares in A. Goninan and Company, Ltd., Newcastle engineer, which it does not already hold. The offer is three 20s Howard Smith shares for each four 10s in A. Goninan. Based on the current selling price of Howard Smith the offer is worth about 47s 3d for each A. Goninan share.

Mining Brisk

Trading was maintained at a brisk level in the mining section with the silver lead and tin groups remaining firm whilst the oil section tended to lose ground. Under heavy selling pressure Santos showed a substantial loss of 7s to 335. The shares had reached 41s during the week but the closing price was virtually the same as last week. A.O.G. was a shade easier losing Is to 40s 6d. The most significant gains in the silver lead group were made by Mt. Isa up Is to 47s and New Broken Hill, which jumped 13s to £5 15s.

The only tin stock to show noticeable variation was Tableland Tin which gained Is 6d to 51s.