Prices Stay Firm In Australia

Press, Volume CIV, Issue 30938, 20 December 1965, Page 21

Prices Stay Firm In Australia

(N.Z. Press Association—Copyright)

MELBOURNE, December 17. Investors showed little interest in trading on Australian stock exchanges this week, and turnover contracted sharply as the preChristmas lull developed. Prices, however, remained firm.

There was a better inquiry for shares in the automotive group, after the upward trend in car registrations during November. Some pastoral company stocks changed hands at improved prices after good rains in drought areas. Leaders Erratic Prices for some of the leading stocks were erratic—Commonwealth Industrial Gases fell to its lowest price for several years after the announcement of a slight profit down turn, but the stock regained some ground in later trading. AwMignsted Wireless dropped sharply after the chairman announced concern at the lack of defeoce orders and E.Z. Industries was another to suffer a severe decline. The Sydney all-ordinaries index gained one point and Melbourne leaden half a point in the week to Thursday. Daily moves were:— - Sydney.—3l434, 314.73, 31531, 31630, 315.60. Melbourne.—loB34, 10836, 108.81. 103.88, 103.53.

There was little change in the sections of the Sydney index; most moved slightly higher, led by automotive and base metals. H. G. Palmer reported that another £5.5m may have to be written off for bad debts; A. G. Healing cut its dividend from 12 per cent to 8 per cent in spite of slightly higher earnings; Boral is seeking £4m in a debenture issue to finance the Boral-Mit-sui project. In mining, Kathleen Investments and Mary Kathleen Uranium each rose strongly, but reacted-when the directors dtociaimed knowledge, of the reason for the rise. Some of the main moves in share prices for the week ineluded: Amalgamated Wireless down Is. Australian Consolidated Industries up Is, British Tobacco down Is fid, B.KP. down Yd, Burns Philp' up Is, W. B. Carpenter up Is 2d, EX Industries dawn KM, Herald up Is, Humes down Is, M.L.C. down 3s M, and Australian Oil and Gas down 2s,