Lynch controversy upsets market

Press, 19 November 1977, Page 18

Lynch controversy upsets market

Speculation about the resignation of the Federal Treasurer (Mr Lynch) dominated conversation on Australian stock exchanges yesterday, and coupled with the pre-election nerves, led to a fall in the prices of many major shares. B.H.P. fell 8c in early trading to 548 c, and remained at that price. It was partly affected by Thursday’s production figures which showed steel output up but iron ore down. After optimism early this week over the long expected, and still awaited, interest rate cuts, the banks declined. A.C.I. remained steady at 1.72 c after the falls which followed the poor interim results and CSR eased 2c to 286 c on its profit downturn. The reports from Tokyo on Tuesday that Japan intended buying less Australian iron ore and coal depressed prices in the mining sector, and with a few exceptions prices have remained low. SYDNEY SALES Industrials.—Amatil, 211; Ampul, 66; Ansett, 132; A.W.A., 150; Assoc. Sec., 45; A.N.Z.. 335; A.G.C.. 165; A.N.1., 147; N.S.W., 536; 8.M.1.. 89; Bora!. 210; Brambles. 166; 8.H.P., 540; Bundaberg, 350; P. Burns, 215; W. R. Carp.. 142; C’maine, 368; Clyde, 167; Coal All, 340; CSR. 286; Comalco. 265; C.8.C., 150; C.1.G., 235; Cone. Mon., 178; Dickson, 90; E.M.1., 135; Email, 75; E.Z.1., 212; Elders, 187; Fairfax, 150;

Acmil. 71; Fibre Con., 91; Hanimex, 112; J. Hardie, 425; Hooker, 66; ICI. 190; D. Jones, 89; L.N.C., 147; Lifesavers, 180: M.L.C., 265; Myers. 185; N.Z. Forest, 171; News. 206; Paynter, 120; Pet. Chem., 59; Petersville, 91; Pioneer Cone.. 142; Protector, 108; Provincial, 87; Rothmans, 240; Sims Cons., 91; Sleigh, 72; Soul, 450; Swan, 150; Taubmans, 95; Thiess, 208; Tooheys. 156; Tooth, 185; T.N.T., 99; Union Carb., 190; Waltons, 86; W’wths, 156. Mining, oil.—Allstate, 7: Assoc. Min.. 95; B’ville. 91; B.H. Sth, 98; Carr Boyr, 31; Abminco, 38; Cons. Gold. 230; C.R.A., 220; Cud. gen, 26: Emperor. 30; G.M.K., 60; Hamersley, 212; Hill 50 Gold, 13; Kath Env., 125; Mallina, 6; M.K.U., 28; M.1.M., 172; Peko-W., 500; Oakbridge. 162; Qld Min., 190; Robe River. 81; Tasminex, 28; Southland. 23; W.M.C., 126; Westralian. 17; Woods reef. 61; Pancon., 840; Ampol Ex.. 100; A.A.R., 230; Beach, 14; Bridge, 57; Genoa, 25; Oil Search. 8; Pexa. 120; Timor. 4}; Woodside, 86. MELBOURNE SALES Industrial.—A.N.l., 147; Ampol, 66: Ansett, 132; A.N.Z., 335; A.R.C.. 107; Assoc. Pulp, 96; A. 168; A.P.M.. 117; N.S.W., 536: 8.H.P.. 540; Comalco, 268; C.U.B Z. 174; Coles. 180; CSR, 290; C.8.A.. 285; Com. Union, 73; Dunlop, 116; E.Z.1., 210; Acmil, 70; Gerrard, 270; Hardie Trade, 140; Herald. 238; Hooker, 67; Humes, 84; Jennings, 118; Kauri, 20; Mayne Nick.. 165; Mcllwraith, P. Morris. 750; Myers, 185; Nat. 130; McPhersons. 60; Nylex, 44; Bank, 275; Nat. Cons., 123; News, 205; Olympic. 44; Petersville, 91; Repco. II; Rocla, 82; Sleigh, 72; H. Smith. 315; Swan, 150; T.N.T., 100. Mining, oil.—Aust. Dev., 38; B. Sth. 98; C.R.A., 215; Hamersley. 215; Magellan, 51; Metals Ex.. 16; M.1.M., 72; Oil Search, 8; SUver Vail., 7; W.M.C., 125. INDICES

New Zealand.—New Zealand United Corporation, Ltd, daily index base 100 January 21. 1957. Nov. 11 Nov. 14 Nov. 16 Nov. 17 Nov. 18 .. 285.03 .. 283.26 .. 282.81 .. 283.14 .. 284.08 Sydney.—Sydney Stock Exchange (July, 1931. June, 1939). Retail Inds All eras Nov. 13 . 435.35 390.37 450.87 Nov. 14 . . 438.09 391.25 449.20 Nov. 16 . . 441.24 391.33 449.11 Nov. 17 435.95 388.23 445.89 No. 18 .. 432.20 386.09 443.02 London.—“Financial Times.” Indust. Govt. Gold Nov. 11 .. 501.4 77.45 147.3 Nov. 14 . . 496.7 77.60 140.2 Nov. 15 . . 487.9 77.59 135.0 Nov. 16 484.3 77.66 134.4 No. 17 . . 481.0 76.98 136.1 New York.—Dow Jones. Ind. Tsp T’over Nov. 11 845.89 215.96 35,260,000 Nov. 14 838.36 215.62 — Nov. 15 842.78 216.98 — Nov. 16 837.66 216.06 24,950,000 Nov. 17 831.86 215.72 25,110,000