Industrials Ease On Higher Turn-over

Press, Volume CVI, Issue 31210, 7 November 1966, Page 21

Industrials Ease On Higher Turn-over

(N.Z. Press Association—Copyright! MELBOURNE, November 5. A sharp fall in brewery shares in Melbourne, a leap in the price of B H South, and continued strong support for Western Mining shares were features of trading on the stock exchanges this week, according to the weekly market report of the Melbourne Stock Exchange.

Industrial shares remained weak and turn-over increased. There was better demand for the copper group. Change in the indexes was small. Sydney all ordinaries dropped slightly less than one point, and Melbourne leaders about half a point in the week to Thursday. Daily moves were:— Sydney—3l4.s9, 314.62, 313.68, 313 71 313.77. Melbourne —105.96, 106.08, holiday, 105.80, 105.45. In the sections of the Sydney index, base metals showed

a notable rise, and building industries led the falls. Plans for a new Victorian brewery to be run by British Tobacco, Ltd., and Courage, Barclay and Simonds, Ltd., of England, caused the setback to the Carlton and United brewing group. The B.H. South rise was the outcome of a large phosphate rock discovery in Queensland, and under strong buying pressure Western Mining touched the record price of 700 cents. Oil Exploration shares were weaker after the disappointment of investors over the gas flow from 8.H.P.-Esso’s Marlin Bl well in the off-shore Gippsland Shelf basin.

H. C. Sleigh reported an Increase in sales of petroleum products for the first trading quarter. Mount Isa metal sales were at the record level of 72m dollars for the year—a gain of 27m dollars. I. is selling its fabrics division to Moulded Products for five million 50 cent ordinary shares, giving it a 20 per cent holding in Moulded Products. E.Z. Industries announced that exports to the United States had offset the fall in sales of its products to India, and turn-over of Huttons, Ltd., was 9 per cent higher for the year. Some of the main shares moves for the week included: —Carlton, down 10c, and Z, down 24c; Cascade Brew., down 10c; Melb. Co-op. Brew., down 20c; Castle Brew., down 6c; N.S.W., down 12c; Boral, up 10c; Brit. Tob., down 6c; 8.H.P., down 4c; Dunlop, down sc; E.Z., down 8c; G.U.D., down 10c; Herald, down 9c; Rothmans, down 6c; B.H. Sth., up 25c: Nth. 8.H., up 11c; Mount Morgan, up 21c; W. Mining, up 18c; and Woodside, down sc.