Aust. markets quiet

Press, 17 July 1979, Page 20

Aust. markets quiet

Australian markets closed generally quiet, with telecommunications disruptions hampering local and overseas business. Brokers said the market was also waiting to see how Wall Street reacted to President Carter’s energy speech, and was awaiting the latest Australian eost-of-living figures, due this week. A number of special situations and big turn-overs drew most attention.

The Sydney hardware retailer Nock and Kirby gained 87c to close at 350 c on its decision to join the ranks of companies establishing property trust-holding company groups.

The recently listed Westfield Property Trust was heavily traded, and gained a cent to 101 c on a turn-over of 220,000, with 690,000 traded in Melbourne.

Sydney retailer David Jones rose 2c to 114 c with the turn-over 340,000; the company has been the subject of take-over talks, but brokers were not aware of special new developments. In a special sale 440,000 ANZ bank shares were sold at 350 c; on the market the shares gained 2c to 360 c. Another special sale accounted for 500,000 Western Mining shares at 238 c; on the market WMC gained 7c to 244 c. Other stocks with uranium

interests were well sup- 1 ported; Pancontinental ended 1 70c ahead at 1410 c, Queensland Mines rose 25c to 380 c, ' and Kathleen Investments < gained 10c to 380 c. BHP firmed 4c to 936 c; brokers are tipping a sub- ; stantial profit rise, if not a i record, when BHP reports on

Friday for the year ended last May. Of the other leaders, CSR was steady at 355 c, Bank of New South Wales gained 5c to 355 c, TNT eased 2c to 130 c, and Comalco, after announcing another aluminium price rise, closed 3c higher at 352 c.