Strike caused more falls
After gains in early trading the Australian sharemarket weakened again yesterday. Overseas support for mining stocks was evident, but it remained selective. W'tii nationwide strikes, and no signs of an early end to the New South Wales petrol strike, the market was more depressed than usual at this time of the year.
B.H.P. rose 12c in early trading, but lost this by the end of the morning session, and fell a further 10c to close at 856 c.
CSR closed at 307 c, a net loss of 9c. The Bank of New South Wales stood out with a rise
of 8c to 346ci but the Nat- : ional eased a cent to 232 c. and the ANZ closed steady at 430 c.
Gold stocks firmed, despite the drop in the New York price, and virtually steady Hong Kong price.
I Magellan Petroleum rose a I further 20c on speculation [about a settlement of Aboriginal land claims, which have stopped development of oil and gas fields in Central Australia.
The Rundle twins made sharp gains, on small turnovers. Central Pacific rose 150 c to 1150 c, and Southern Pacific gained 54c to 448 c.
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Press, 22 June 1979, Page 4
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196Strike caused more falls Press, 22 June 1979, Page 4
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