Market depressed by mini-Budget
Australian sharemarkers lost ground in response to the mini-Budget, which extended the coal export levy, increased the oil levy, and signalled the end to trading stock tax relief. B.H.P. lost 24c at 924 c, and the oil levy was blamed. Coal stocks stood up well, despite the hint that the coal export levy could become permanent. Of the retailing groups, Myer eased 5c to 161 c, Woolworths lost 1c to 152 c, but
i Coles gained 1c to 217 c. i The banking sector closed ■ steady to lower. , Mining stocks were mixed. 1 Western Mining and CRA ! closed lower, but North BH, and BH South improved. , Fresh rumours of a take- . over bid for Kathleen Invest- , ments were discounted, but I the stock rose 20c at 325 c. ; Queensland Mines rose 30c at 340 c. , Central Pacific, and South- • ern Pacific made further adt vances.
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Press, 26 May 1979, Page 18
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149Market depressed by mini-Budget Press, 26 May 1979, Page 18
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