Rising Prices In Australia

Press, Volume CV, Issue 31031, 11 April 1966, Page 13

Rising Prices In Australia

(N Z. Press Association —Copyright

MELBOURNE. April 7.

Pre-Easter share trading was marked by rising prices and bigger turn-over on the Stock Exchanges this week. Some profit-taking was evident on Tuesday, when sales rose to their highest level for two months, but activity declined towards the end of the week and prices firmed.

The decision of the Reserve ' Bank to release 125 m dot- 1 ’ lars of reserves to boost spend- [ ! ing and assist in drought re- [ i . covery was well anticipated 1 by the market, but neverthe- l less brought sustained sup-ji port for industrial shares. i Sydney all-ordinaries index ) gained nearly four points and! Melbourne leaders one point': in the period of Wednesday. I Daily moves were: ’ Sydney: 318.56, 319.09, 317.89. ) 317 95. i Melbourne: 106.40. 106.48. 1 106.00. 105.98. ’ Textiles were lower but all i other sections of the Sydney index were moderately high- j er. : Brewery shares were in de- i mand after the increased dividend announcement by Swan i Brewery. Strong gains were also i shown in most of the bank < issues. ' Metal shares were stronger, < but oils were erratic. Wood- 1 side reported a finding of oil 1 in its No. 1 well at Lakes En- < trance, but directors have ad- <

vised caution in assessing its value. [ More gaa flows were re- | corded in the Delhi-Santos Moomba No. 1, north of Adelaide. and the Alliance group announced minor oil traces in its Chandos well in Queensland. i Australia's second largest [gold producer, Lakeview and Star reported a slightly better mining surplus in the March quarter, but progressive results for the nine months are well below those of the previous corresponding period. George Weston reported a profit erf 2.8 m dollars for the year to December—a gain of 18 per cent. Some of the main share moves for the week included: B. down 12 cents: Boral up 12c; Commonwealth Industrial Gases up 12c; 1.C.1.A.N.Z. up 7c; Henry Jones down 10c; Swan Brewery up 14c; Santos up 10c; Western Mining up 15c; King Island down 18c: Mt. Isa up 10c; [ C. up 15c.