Some Recovery Is Seen In Sydney

Press, Volume CIV, Issue 30666, 4 February 1965, Page 17

Some Recovery Is Seen In Sydney

(N Z. Press Association—Copyright) SYDNEY, February 3. The market on the Sydney Stock Exchange, although initially following last week’s easing trend, showed signs of recovery towards the close of this week’s trading, with the share price index steady at 353.06, according to the weekly exchange report.

Turn-over was more active at a daily average of 530,000 for industrials and a shade over 100,000 for mining stocks. Sectional movements were fairly evenly spread. Textile stocks were again firmer this week and base metals strengthened to reverse last week’s easing trend.

Electrical and transport stocks were other sections to firm. Downward movements came from manufacturing, merchants and the automotive section. In the investment section the most significant price movements came from John Fairfax down 2s 6d to 28s 9d, Lend Lease Corporation up Is to Ils. John Lysaghts were 2s 6d lower at 54s and Anderson Meat 4s higher at 32s 6d. The latter’s sharp rise stemmed from the announcement of a higher dividend and the proposal to split the 20s shares to 5s units. Of company news this week, Associated Pulp and Paper Mills announced a 31 per cent drop in net earnings to £507,000 for the half year to December 31. The shares reacted to this news by easing Is to 32s 9d. A.G.C. Profit Australia Guarantee Corporation disclosed a 12 per cent rise in net profit to £1,084,000 for the half year to December 31. The shares held steady around 16s 3d after the announcement. Reports of higher interim earnings were received from E.M.I. (Aust.), Lend Lease Corporation, Olims Consolidated, and Berlei United. Lower interim earnings were announced by Pitt, Son and Badgery, and W. T. Coggins Holdings. In the mining section, Mt. Isa stood out with a gain of

2s 5d to 38s after further political moves in the miners’ dispute. New Broken Hill eased 2s to £6 and Placer Development moved up 15s to £l2 15s.