MINING, OIL RISE EXPECTED SOON

Press, Volume CVIII, Issue 31770, 29 August 1968, Page 13

MINING, OIL RISE EXPECTED SOON

(N.f. Prtt,

SYDNEY, Aug. 28.

The Immediate outlook Is for another rise tn mining and oil stocks, the Sydney sharebroking firm, Fleeknoe and Osborne says in a review of the sharemarket's 1968-69 prospects. But the firm predicts a fall for industrial stocks in the short term, on the-ground that there has not yet been any profit taking on the rise in industrials which started last March. Any easing in industrial

prices may create a flow of funds back into mining and oil stocks, many of which are well below the high points for 1968, the firm says.

the present renewal of interest in mining stock? is probably the beginning pf the next major upswing in the market. Recent Reaction The firm says an upswing is indicated by the fact that most stocks have reacted by at least two-thirds of their March-June rise and have now broken the decreases since then. In addition, volume has begun to improve. A disappointing balance of trade figures for Britain tn July may help stimulate interest in Australia mining stocks in London, the firm says.