COMMERCIAL Heavy price-cutting after revaluation

Press, Volume CXII, Issue 33110, 28 December 1972, Page 12

COMMERCIAL Heavy price-cutting after revaluation

Australian stock exchanges showed investors reaction to Saturday’s 7.05 per cent revaluation of the dollar with millions of dollars taken off the value of leading mining and industrial shares yesterday.

Trading was irregular and hesitant in Sydney with Peko. Hamersley, 8.H.P., E.Z. Industries and the Bank of N.S.W. showing big losses. Several mining groups suffered because their export contracts were mainly written in United States dollars. Hamersley fell 20c to 270 c. W.M.C., and its nickel supplies, were downgraded in value by the new financial measure, and the shares fell 15c to 325 c. Poseidon lost 50c at 1000 c. B. dropped 50c to 1075 c. C. lost 6c to 594 c and Bougainville slipped 10c to 210 c. N.B.H.C. Holdings moved 8c lower to 260 c—a new low point for the year.

I Mount Isa dropped 15c to i 295 c and North Broken Hill . eased 9c to 165 c. Most of the stocks on the . industrial boards suffered ; losses, although some were not great. The Bank of N.S.W. shed 36c to 984 c. Philip Morris . dropped 20c to 1720 c. E.Z.1., fell 30c to 425 c. Bundaberg Sugar dropped 20c to 530 c. C.S.R. was down 18c at 596 c. In the oil market, Woodside Burmah dipped 14c to 306 c and Santos lost 5c to 200 c. SYDNEY Sales. — Amal. Chem., 38; Apol, 97; Ansett. 89; A.W.A., 178; Ass. Sec., 183; Bk N.S.W., 984; Borg W , 330; Bramble, 200; Brit. Tob.. 350; B.H.P . 1075; Burns P . 502; C maine Pk. 720; Clyde, 142; Coal AU.. 95; C.S.R., 596; • Comalco, 335; Custom. 220; Dickson, 92; E.M.1.. 230: E.Z.1., 425; Fibre cont., 180; Hanimex, 275; Hardie, 660; Hooker, 223; 77; L.N.C., 205; Lend L., 580; ML.C. 680; Marrick., 130; Mauri, ■ 147; News, 510; Penfold, 305; Pioneer S.. 370; Publishers, 228; Pye. 120; Sims, 98; Sleigh, 75; .Slater W., 170; Thiess, 272; Tooheys. 315; Tooth, 395; Travelodge. 91; Union Carb., 550; IW’wths, 127. Mining, oil.—Allstate, 28: Beaver. 18; B’viUe. 210; B.H Sth, 275; Carr B . 26; C’reagh,. 7; C.R.A., 594; East Met , 13: Emperor 95; GM Kalg., 100; Hamersley, 270; Kambalda. 31; Kath Inv., 155; M.I.M. Hold , 295: New 8.H., 260: Xth Deb., 15; Peko, 980; Qld Mines. 265: Robe R.. 94; Tasminex, |3l; West. Min . 325; .Westmoreland, 4\; Westralian, 25; Woodsreef. 9J; Allo Dev., 14; Ampol Ex, 140; A. AO., 135: Bridge, 26; Clarence, 3J; Pexa, 64; Timor, 18;; Woodside-Burmah, 306. MELBOURNE Sales.—Ampol. 97; Ansett, 90; Assoc. Pulp, 140; A.P.M., 230; Boral, 300: B.H P., 1065; Carlton, 720 and Z, 542; Comalco, 330; 'Coles. 180; C.S.R., 596; Containers, 325; Cvclone, 190; Dunlop, 1133; Email, 130: E.Z.1.. 425: F and T, 185; Gollin. 68; G Gotch, 250; G.U.D., 450; Healing. 5: Herald, 428: Hooker, 225; Humes, 140; 1.C.1 Aust., 200; Jennings, 440; Myers, 320; News, 510; Olympic. 98; Petersville, 39: Repco. 238: Sleigh, 75; Swan, 253. Mining, oil. — Aberfoyle, 65; Beach. 44; C.R.A., 600; Hamersley, 268: Loloma, 100; Metals Ex.. 270; M.1.M., 298; New B.H , 260; Nth EH.. 167: Oil Search. 13; Renison. 990; Santos, 204; Sthld, 55: West. Min . 325.