Murphyores Issue Rushed

Press, Volume CVIII, Issue 31676, 11 May 1968, Page 16

Murphyores Issue Rushed

(N.Z. Press Association —Copyright; LONDON, May 10.

The great Australian mining share scramble reached even more “Everest” proportions yesterday, the “Daily Express” said.

In hectic dealings the share of the virtually unknown com pany, Murphyores Holdings, Ltd, were rushed up to as high as 42s before closing at 40s. “The only conclusion one can come to is that they were placed at too low a price in Australia or that yesterday’s London price is much too high,” Mr F. Ellis said. “This mad rush into any Australian mining share is likely to be costly for speculators in due season. Happier Sleep “And holders of Australian mining shares with a good profit should sleep happier at nights if they took most of the profit. “As a broker’s circular pointed out yesterday, the market valuation of Western Mining, the ‘Aussie’ nickel prospect, is - now around £425m. “This compares with the

market valuation of International Nickel, an established producer of the metal, of £2ooom.

“For my money, I would prefer the mine that is producing the metal to a mine that is chiefly in the exploration stage—particularly at current market prices,” Mr Ellis said. Sydney Market Murphyores Holdings, Ltd, made a sparkling debut on the Sydney Stock Exchange. The 50c shares, issued to the public at 152 c each, plus Brokerage soared as high as 430 c soon after trading began yesterday.

But after reaching a peak, activity moderated and the price eased to around 400 c. Brokers were swamped with orders for the shares.

Its performance completely overshadowed the debut of Its parent, Mineral Deposits, late last year.