Bank asked to explain rumour
Banks eased in Australia yesterday after the Adelaide exchange issued a “please explain” to the Bank of Adelaide after “The Age” published a story saying that banking groups were mounting a S2OM rescue of the finance wing, F.C.A.
The Bank of Adelaide lost 3c to 140 c, the NSW fell 2c to 360 c, and the ANZ lost 3c to 452 c. The National closed 2c down at 250 c, despite a 22.3 per cent interim profit increase, and an 8c interim dividend. Brokers said the increase in official interest rates had
little effect “as the new rates are in line with current market yields for bonds.”
B.H.P. rose 2c at 952 c, CSR was up 5c to 390 c, Azsett gained 2c to 119 c, and tnt was up 2c to 146 c. ' < W.M.C. rose 3c in reaction to the latest nickel price! gain. MLM gained 4c to 337 c but Bougainville Copper, and Mt Lyell eased.
With gold prices easier Central Norseman lost 504 to 2250 c. The company has had output reduced by a strike.
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Press, 11 May 1979, Page 16
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183Bank asked to explain rumour Press, 11 May 1979, Page 16
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