Some Sharp Moves In Aust. Trading

Press, Volume CVI, Issue 31162, 12 September 1966, Page 17

Some Sharp Moves In Aust. Trading

(N.Z. Press Association —Copyright) MELBOURNE, September 9. Share trading on the Stock Exchange of Melbourne this week was dominated by some sharp moves in stocks of companies which made important announcements to their shareholders. There was little interest in other issues, and the market was listless. Turn-over was below average, and prices tended to weaken, according to the Melbourne Stock Exchange weekly market report.

Trading centred on Bayview quarries, the directors of which accepted a new takeover offer of 2.20 dollars cash a share from Boral. Total value of the bid is 12.8 m dollars and there was speculation as to the possibility of Boral having to sell its large holding of B.H.P. shares to finance the deal: B.H.P. shares fell sharply. There was strong support for both Mount Lyell and Renison: new ore discoveries by Mount Lyell will more than treble its ore reserves and Renison’s ore reserves have been enlarged by a discovery of a further 1.5 m tons. Another mining issue to move up strongly was Mount Morgan which reported excellent profits and a higher dividend. Sydney all ordinaries index finished a point lower and Melbourne leaders fractionally lower in the week to Thursday. Daily moves were:— Sydney. 318.28, 318.49. 317.77, 316.69, 315.34. Melbourne.—lo6.9o, 106.90, 107.04, 106.82, 106.21. A gain in base metals and a drop in building industry were the only notable changes in the sections of the Sydney index. Other sections were narrowly lower. Company Reports Among company reports, Bruck Mills announced a 47 per cent leap in profits and a lift in the dividend rate of 12i per cent.

Elders G Mort, profit was slightly lower at 5.2 m. Petrochemical has raised its dividend from 6 to 8 per cent after record profit of 579,000 dollars. Millaquin Sugar is planning for record production of 101,000 tons of raw sugar for the current year. Among the share prices, moves of note were:— Renison up 40 cents, Western Mining up 30c, Western Titanium up 10c, North B.H. up 10c, B.H.P. down 14c, Mount Morgan up 9c, Mount Lyell up 12c, Cons. Rutile down 11c, Bayview up 10c, Colonial Sugar down 13c, J. Mcllwraith down 14c, Swan Brewery down 12c, Commercial Union down 10c.