Erratic Moves In Australian Metals

Press, Volume CV, Issue 31043, 26 April 1966, Page 21

Erratic Moves In Australian Metals

(N.Z. Press Association—Copyright) MELBOURNE, April 25. Erratic moves in metal stock provided a feature of trading on the Australian stock exchanges last week: the sharp lift in the Chilean price of copper was not followed by Australian producers and some of the stocks lost some of their earlier gains, according to the weekly market report.

In contrast. Western Mining was strongly supported after its nickel discovery and the share reached its highest point for several years. Leading industrials gained ground and one large sale of particular interest was a parcel of 456,793 Carlton and United Z shares which changed hands at 347—16 cents below the market. Most brewery shares were cheaper. Sydney all-ordinaries and Melbourne leaders indices finished two points and about half a point higher respectively in the week to Thursday. Daily moves were:— Sydney. 323.12, 322.59, 322.86, 323.31, 323.97. Melbourne. 108.44, 108.34, 108.19, 108.34, 108.69. Transport, electrical and automotive industries were lower, but all other sections of the Sydney index gained. Release of a further 51m dollars of frozen funds by the Reserve Bank was welcome news to the market and some excellent company announcements maintained the buoyant tone. These included the annual report of Conzinc Riotinto, which showed an increase in total assets from 145 m dollars to 240 m dollars and con-

solidated sales totalling 70m dollars. G. J. Coles announced its intention to raise 14.7 m dollars in a onefor-five share issue at a 25 cent premium in September. The A.M.P. Society in its annual report indicates a gain of 17 per cent in ordinary share investments for the year, the total being 172 m dollars at balance date. C.U.B. Earnings Carlton and United Breweries reported a fall of 3 per cent in earnings for the halfyear and Great Boulder Gold Mines has deferred payment of a final dividend. Western Mining Corporation announced additional encouraging results as a result of drilling on nickel deposits near Kalgoorlie. Some of the major share moves for the week included: B. down 12c: Queensland Press, down 13c: Elders, up 16c; Commonwealth Industrial Gases, up 10c; Boral, up 7c; 1.C.1.A.N.Z., up 6c; Repco, up 6c; C.U.B. Z, up 7c; Western Mining, up 35c; Woodside, up 11c; A.A. Oil, up 17c; C. up 7c; Mt. Morgan, down 18c; Mt. Lyell, down 10c; and Mt. Isa, down 7c.