COMMERCIAL Lively Close To Aust. Trading

Press, Volume CIII, Issue 30635, 29 December 1964, Page 11

COMMERCIAL Lively Close To Aust. Trading

(N.Z. Press Association—Copyright)

MELBOURNE, December 28.

Strong demand for metal shares brought a lively close to the year’s trading on the stock exchanges last week.

Shares in gold mining com-! panies gained ground on reports of United Kingdom buying as a hedge against possible devaluation of sterling as well as American rumours of a likely price increase. Western Australian gold producer, Central Norseman, jumped 6s 6d to 51s to set the pace for other good gains of Gold Mines of Kalgoorlie, Great Boulder, Western Mining Corporation and North KalgurliThe index for metals moved up to the year’s high. The Sydney all-ordinaries index gained 5\ points and Melbourne leaders It points to Wednesday. In Demand C.R.A. (Conzinc Riotinto) was in demand after news of the company’s successful tender to supply Japanese mills with iron ore from the company’s W.A. deposits. The shares gained 4s for the week.

A better tone developed for industrial and although turnover was not high, rises easilyoutnumbered falls. Some good gains were recorded in key stocks. Brewing shares were firmer, but some of the London-based banking issues weakened. The 50 leaders index which a week ago stood at 116.36 finished the year at 118.64. Expansion Plans

Comalco Industries, in which Conzinc Riotinto have a half interest, is to spend £l3m on further expansion. Repco raised its take-over offer for Automotive Components from 7s 5d to 8s 6d a share and the offer is now recommended to shareholders by the company’s directors. Permewan Wright announced a l-for-5 new issue at a 5s premium and the Union-Kern A.O-G. group struck oil for the sixth successive time at Alton, Queensland. Some of the largest moves in share prices in Melbourne for the week included: New Broken Hill, up 4s to £6 4s; North Kalgurli, up 2s 3d to 12s; Santos, up 2s 6d to 325; Western Mining, up Is 9d to 26s 3d; Great Boulder, up Is 9d to 10s; 8.H.P., up Is 9d to 55s 3d; Carlton United, up 3s 6d at 88s; Colonial Sugar, up Is 3d at 69s 6d; ICIANZ, up 2s 3d to 60s; and Tooths Brewery, up 2s 6d to £5 13s.