MARKET IN RETREAT

Press, Volume CV, Issue 31000, 4 March 1966, Page 16

MARKET IN RETREAT

Falls On Wide Front (N.Z. Press Assn.—Copyright) SYDNEY, March 3. Stocks from all quarters went into mass retreat on the Sydney share market yesterday, after the adverse interim report from B.H.P. B.H.P. shares fell back to 4.65 dollars in a few sales almost as soon as trading opened, but recovered slightly in the afternoon to close at 4.7 o—down 10c. Other industrial leaders, including A.C.1., Burns Philp and 1.C.1., recorded substantial falls on the day. Tremors were felt in stocks from widespread industries and by mid-morning almost the whole market had followed. The ratio of falls to rises was more than three to one, and the “all ordinaries” index dropped by 2.96 points to wipe out all gains this year. Metals Weaker The base-metals section, although weaker, did not play the leading part that it has recently. Yesterday appeared to be a turning point for the market, which has been hesitant for some time. No index grouping escaped the retreat, the steel and engineering and automotive sections being the hardest hit. Borg Warner, Repco and Larke Consolidated were at the head of the automotives section fall, and dropped by 2c, 3c and 6c respectively. The market reacted to C. V. Holland’s' report that it will omit interim dividend this half-year by sending the shares plunging by 15c to 35c. Total turn-overs in both the general and mining markets were higher yesterday.