Market Gains In Sydney Trading

Press, Volume CVI, Issue 31195, 20 October 1966, Page 26

Market Gains In Sydney Trading

(ti.Z. Pres* Association—Copyright) SYDNEY, October 19. Lifting the share price index 1.21 to 315.26, the market on the Sydney Stock Exchange gained ground during the last week on average daily turn-over of 767,000, taking in 173,000 mining, slightly higher than usual.

Anticipation of the announcement of the gas flow from initial testing at the Esso-B.H.P. Marlin Bl well led to active trading in B.H.P. and the other Gippsland oil interests. Woodside (Lakes Entrance) gained 6 cents during the week. Woodside is currently sur-

veying at the site of its proposed well in the Gippsland shelf, close to the successful Esso-B.H.P. wells.

Drilling is expected to start on December 1. The announcement of 100 dollars rise in the Australian producers’ copper price led to little reaction among copper stocks with the exception of Mount Morgan which gained 10 cents.

Mary Kathleen Uranium and Katiileen Investments had solid gains after the release of the Australian Atomic Energy commission’s 1965-66 report.

The report said between 1975 and 1980, world demand for uranium was expected to exceed the production potential of known economic deposits.

Pioneer Concrete, bidder for F. W. Williams and Rowlands Quarries, was heavily traded during the week falling 10 to 118, while F. W. Williams gained 8 to 413. A.C.I. firmed 3 to 273. Rights trading has been heavy in Petersville and G. J. Coles. Solid support has been evident for G. J. Coles rights which have gained 4 to reach 37. Life Savers (A'sia) gained 14 to 268 after the announcement of its strong profit recovery. Big Issue Planned (N.Z. Press Assn.—Copyright) SYDNEY, Oct. 19. Consolidated Gold Fields Australia plans an issue of 5m ordinary one dollar shares at 2.50 dollars each. This is the biggest moneyraising issue to be made by an Australian-based mining group, according to the “Sydney Morning Herald.” The issue will raise 12.5 m dollars, giving the Australian public a 22.7 per cent interest in the company’s equity capital.

Sharts Split.—Wright, Stephenson, Wellington-based stock and station agent, merchant, and retailer, has subdivided its 20s ordinary and Si per cent and 6 per cent preference shares Into 10s units.—(P.A.)