Buoyant trading in Australia

Press, 19 August 1978, Page 19

Buoyant trading in Australia

Strong gains by coal stocks, further gains by bank stocks, and a sharp rise by Westfield were the highlights of another day of buoyant trading on Australian markets yesterday. Firm demand by overseas investors for resources stocks pushed White Industries 32c higher to 29’c, while Thiess gained 15c to 315 c, and Howard Smith 5c to 450 c. Oakbridge made 3c to 195 c.

The gain by Thiess coincided with Thursday’s announcement that two Japanese steel companies are negotiating to buy a 30 per cent interest in the company’s South Blackwater mine, in Queensland. The prospect of lower interest rates, and the budget announcement of easier lending requirements, gave a further boost to the bank stocks.

A.N.Z. put on 10c, and the Bank of N.S.W. Bc. The National Bank and the C.B.A. gained 5c each Bougainville, Consolidated Gold Fields, and Renison were good performers among the miners. After the reported continuing decline in raw steel output, B.H.P. lost 10c to 818 c.

CSR, A.C.1., and Acmil did well on the industrial boards, but the highlight in this sector was Westfield, the property developer, which gained 38c to 570 c on rumours of a looming takeover offer.

Industrial.—A.W.A., 218; A.C.1., 175; Acmil, 70; Advertiser, 205; A.G.C., 155; Amatil, 210; Ampol Pet., 87; Ansett, 158; A.P.M., 118; A.N.1., 150; A.N.Z., 338; A.R.C., 112; A.S.C. Props, 127; Assoc. Pulp, 135; Aust. Fert., 135; Bank N.S.W., 674; 8.H.P., 818; 8.M.1., 124; Boral, 240; Borg. W., 265; Brambles, 183; Bundaberg, 350; Burns, P., 230; W. R. Carp., 132; C’maine P., 350; Clyde, 168; C.8.A., 250; C.8.C., 195; C.1.G., 255; Coal All., 470; Coles, 212; Comalco, 312; Com. Union, 65; Cone. Monier, 175; Containers, 255; Courtaulds, 64; CSR, 332; C.U.8., 183; Dunlop, 143; Elders, 238; Email, 118; E.Z. Ind., 320; Fairfax, 156; Flexdrive, 150; G.U.D., 159; Hanimex, 100; J. Hardie, 400; Hardie Trade, 155; Herald, 250; Hooker, 83; Humes, 100; ICI, 220; Jennings, 117; D. Jones, 117; H. Jones, 99; Kelvinator, 84; Lifesavers, 210; L.N.C., 158; Marrickville, 80; Mauri Bros, 83; Mayne Nick., 175; McPhersons, 69; P- Morris, 690; Myers, 168; N.Z. Forest, 185; Nat. Bank, 257: Nat. Cons., 143; News, 245; Nylex, 59; Oakbridge, 195; Olympic, 63; Overseas, 140; Petersville, 106; Pioneer Cone., 160; Pioneer Sugar, 120; Protector, 180; Repco, 123; Rocla, 88; Rothmans, 272; Sims, 110; Sleigh, 81; H. Smith,; 450; Swan. 175; Soul, 526; Thiess.' 105; T.N.T., 123; Tooheys, 147; Tooths. 188: Waltons, 88; Wehl, 155; Woolworths, 160. Mining.—Aberfoyle, 170; Aust. Dev., 60; B.H. South, 128; Bougainville, 157; Carr Boyd, 46; Cent. Norse, 50; Cons. Gold, 360; Cons. Rutile, 95; C.R.A., 338; Cudgen, 51; Emperor, 51; G.M. Kalg., 70; Hamersley, 262; Hill 50; Gold, 15; Kath. Inv., 280; Magellan. 112; Metals Ex., 26; M.1.M., 248; Pancont., 1600: Peko, 610; Placer Dev., 750; Project Min., 90; Renison, 980; Robe River, 103; Santos, 170; Southland, 35; South Pac., 260; Utah, 445: W.M.C., 169. Woodsreef, 3; Nth 8.H., 145; Qld Mines, 317.

Oils.—A.O.D., 21; A.0.G., 60; Ampol Ex., 155; Beach, 62; Bridge, 104; Longreach. 35; Oil Search. 17; Pexa, 95; Timor, 71; .Vamgas, 71; W T oodside, 86.