Australian Slide Halted!

Press, Volume CIX, Issue 32251, 20 March 1970, Page 10

Australian Slide Halted!

The shake-out among mining and oil shares was halted on Australian stock exchanges yesterday. Buyers moved in to take advantage of the selling pressure, and prices rallied strongly after three days of decline. Sellers appeared towards the close, however, and many issues closed below the best.

Poseidon was typical of the market. The shares opened at 19000 and then eased slightly to 18500, for a gain of 500. Reasonable gains came from Carr Boyd, up 30, Central Norseman rts 150, Westmoreland 16, Southland 30, Sipos 25, Scamander 15, and Laverton 15. There were few big losses, the worst being Gem Exploration, which slumped 26c to 64. Tasminex improved, although Eastmet fell 5 to 140. The Pykes,Hill partners. Mid East and Westralian Sands were slightly better. -Established mining issues were particularly firm. C.R.A. rose 100 to 2200, while Hamersley added 40 cents at 840. B.H. South, Western Mining, Great Boulder and Mineral Securities, Peko, Mount Isa, all put on 20c. Mount Lyell continued to

draw support, advancing another 17 to 290. Oils were firm in Sydney, but mixed in Melbourne. Beach rose 5 to 305 in Sydney, but lost 20 in Melbourne at 295. Bounty rose 2 to 13, United Pet jumped 18, and Woodside put on 6. Industrials tended to firm, despite a poor performance by B.H.P. ! B.H.P. lost 25 to 1475, but the other natural resources stocks firmed. C.S.R. put on 10, as did;, E.Z. Industries. Elsewhere Slater Walker) closed 2 in front at 512, after! selling down’to 506. The newly listed -Arnotts closed 5 cents below its issue j price of 125, after opening at 130. | David Jones improved in re- I sponse to the higher dividend, I adding 8 at 162. Grace Bros and Woolworths eased slightly.

Bank of New South Wales closed 4 higher at 604. Dunlop and Osti eased.