Turn-over Down In Australia

Press, Volume CIV, Issue 30842, 30 August 1965, Page 17

Turn-over Down In Australia

(N.I. Press Association—CopvritM)

MELBOURNE, August 2A.

The stimulus provided by the Federal Budget was not sustained on'the stock exchanges last week when turn-over declined sharply, according to the Melbourne Stock Exchange weekly market report.

Prices remained firm to mid-week at the better levels which ruled after the announcement of the Budget.

However, the market eased latterly. Over the week rises slightly exceeded falls. Encouraging company news was a factor in the firm market. A dozen Hated companies announced record earnings for the last 12 months. They included Cleekheaton, Bradford Cotton, Malcolm Moore, A. V. Jennings, Johns and Waygood, Associated Dairies and South Australian Rubber. Companies which recently announced new share issues Showed an easier trend: B.H.P. and Colonial Sugar were two examples. One of the best gains for the week was recorded by Union Carbide which announced its second bonus in two years. There were some sharp gains in secondary issues. Sydney all-ordinaries index showed a fall of 1.79 and Melbourne leaders 1.11 in the week to Thursday. Daily moves were: Sydney—324.39, 324.84. 324,19, 322.99, 322.06. Melbourne—lo6.l6, 106.49, 106.08, 105.80, 105.51. Banks, textiles, chemicals and base metals held levels while ail other sections of the Sydney index dropped, led by steel and electrical Industries and finance companies. E.Z. Industries announced

its intention to search for oil in Tasmania. Tableland Tin lifted its dividend after a 50 per cent jump in profits, directors of B.H.P. io their annual report point to a likely reduction in the buoyant demand for iron and steel products, an offer by C.RA. to purchase Kathleen Investments Holdings of shares in Mary Kathleen Uranium has been rejected as Inadequate. Some of the biggest share moves in Melbourne included: B.H.P. down Is 6d. W. R. Carpenter down Is, Colonial Sugar down 2s 9d. Drag Houses up Is, Herald down Is Sd, 1.C.1.A.N.Z. down 11 M Melbourne Cooperative Brewery down Is fid. National Consolidated down Is, Rothman dow Is 3d, C.R-A. up Is 3d, New Broken Hill up 11