Banks marked up
Banks stocks rose again, while the mining sector lost a little momentum in Australia yesterday. The Budget announcement of a reduction in the funds banks are required to hold in public securities, together with the prospect of lower interest rates, lil.ed the Bank of N.S.W. 26c to 666 c. The A.N.Z. jumped 10c to 339 c, the C.B.C. gained 9c to 195 c, the National Bank was up 7c to 252 c. and the C.B.A. gained 3c to 245 c. A general easing among the resources stocks was attributed to a holding-off by overseas investors waiting to see how the market will settle. B.H.P. slipped 14c in early trading to 822 c but made a partial recovery to close at 828 c. CRA fell 3c to 332 c and Mt Isa lost 2c to 248 c. The automotive stocks made further gains on the
, news of a cut in sales tax on c new motor cars. ANI rose ■ 2c to 150 c, Dunlop gained 8c increased excise on beer t with Tooheys up 1c to 147 c,
and Tooths down 2c to 185 c. to. 143 c, and Olympic 2c to 63c. The breweries remained relatively unscathed from the
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Press, 18 August 1978, Page 7
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202Banks marked up Press, 18 August 1978, Page 7
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