Aust .“Nickel Fever”

Press, Volume CVII, Issue 31399, 19 June 1967, Page 17

Aust .“Nickel Fever”

(By Our Commercial Staff) Shares in Australian prospecting companies soared last week. Most of the interest centred on nickel, but other metals and oils were also carried along by the wave. Heavy buying in London was responsible for the “nickel fever” to a certain extent, but in some cases Sydney traders easily topped the British prices. Western Mining, of course, was the spearhead. Since this share was discussed on these pages on April 3, a little more than two months ago, the shares have climbed from about $8 to Friday’s closing price of $19.10. In the last week the already spectacularly performing shares jumped a phenomenal $4. Some brokers and invest-

ment councillors are already talking of a price of $25 —and more—for the share. New Broken Hill jumped to a peak of $7.30, but closed the week on $7.00. C.R.A. added 24 cents to its 50c shares, now standing at $B.OO. Both companies have an interest in the nickel prospects held by Anaconda. Great Boalder and Kathleen Investments also made good gains. 8.H.P., Australia’s favourite oil share, rose from $8.50 to $B.BO during the week. This stock has gained $2,22 since the beginning of the year, mainly on good oil news. At the end of last year investment circles were hesitantly speculating whether B.H.P. might top $7.00, but now quite a few people in the same circles are talking boldly of $lO.OO.