Confident Tone On Aust. Markets

Press, Volume CVI, Issue 31234, 5 December 1966, Page 21

Confident Tone On Aust. Markets

(N.Z. Press Association —Copyright) MELBOURNE, December 2. A more confident tone was apparent in share dealings on the Stock Exchanges this week after the resounding win by the Federal Government at the elections. There has been a distinct easing in short and medium-term bond yields and as a result, leading industrial shares have attracted solid support. Further gains were also recorded in metal stocks.

The Reserve Bank announced today the freeing of another 40m dollars for lending to the trading banks. The Sydney all ordinaries index rose 3J points and Melbourne leaders 11 points in the week to Thursday. Daily moves were:— Sydney, 312.61, 313.80, 314.83, 315.31, 315.05. Melbourne, 106.41, 107.12, 107.17, 107.34, 107.56. Pastoral declined but all other sections of the Sydney index gained, led by base metals and the automotive industry. Secondary issues also shared in the better market and some good gains were made by stocks of companies making announcements fav-

ourable to their shareholders. Tin shares were in better demand, but breweries lacked support. C.R.A. continued to find favour with investors and rose to a peak of 664 before books closed for the bonus' issue. Western Mining, British Tobacco and Consolidated Quarries were other stocks to record share gains. Commonwealth Industrial Gases suffered a 16 per cent decline in profit, but is holding the dividend at 11 per cent; British Tobacco has lifted its dividend a point to 12 per cent; Electrolytic Zinc reported higher sales during the first quarter of the current year; Consolidated Quarries reported a substantial increase in turn-over and profit for the current trading period; Colonial Sugar is to close its Blue Asbestos Mine in Western Australia. Some of the main share moves for the week included: British Tobacco, up 13 cents; Business Equipment, down 15; C.A.G.A., up 12; Consolidated Quarries, up 16; Cyclone, up 7; G.U.D., up 9; Herald, up 7; Humes, up 12; A. V. Jennings, up 4; Myer, up 10; Swan Brewery, up 11; Minster, down 15; Associated Pulp, up 5; Boral, up 6; Cleckheaton, up 7; Greenbushes, up 11; Interstate Oil, up 5; Mt. Morgan, up 9; New 8.H., up 15; North 8.H., up 21; Renison, up 30 cents.