Firm Australian market

Press, 10 July 1979, Page 24

Firm Australian market

The Australian sharemarket firmed yesterday, but most interest was shown in a number of individual stocks — noticeably among the gold, diamond, and energy listings. Central Norseman Gold rose 300 c to 3300 c on the day, having attained 3350 c, at one stage; as pacesetter I among gold stocks it has risen sharply — in line with the record international bullion prices. Speculation of a pending announcement kept interest in Central Norseman on the boil, and yesterday the company announced plans for a sharp split in the ratio of five for one. Brokers said this would enhance the marketability of Central Norseman stock. Gold and diamonds have been behind rises for Otter Exploration, which gained 14c to 72c on a turnover of 290,000. The company has diamond exploration interests adjacent to the Ashton partners, and last week announced that gold mineralisation of up to seven grams per tonne was recovered dur-, ing drilling on its Griffins find prospect, in Western Australia. The imminent announcement of the Ashton venture quarterly report saw C.R.A.

gain 5c to 345 c. Ashton Min-i ing ease 2c to 108 c and’ Northern Mining untraded. South Australian gas pro-) ducer Santos gained 45c to 330 c. I

I The market leader, I gained 18c to 948 c, and )C.S.R. rose 10c to 355 c; I brokers said both gains were |on the energy interests of the I two heavyweights.