Market firm ahead of Budget

Press, 21 August 1979, Page 18

Market firm ahead of Budget

Prices remained firm on the Australian stock market but the pace of trading slowed down ahead , of tonight’s Federal Budget. However, brokers said it was largely anticipated that the Government’s Budget measures for the coming year would not have any adverse effect on the market, and as a result, trading remained busier than usual for this time of year. B.H.P. regained the 10c it lost on Friday, and closed at 954 c. This was because institutions had reacted favourably to the announcement of a one-for-nine premium share issue which, brokers said, was fairly generous at 450 c a share. Ansett and Ampol called a truce, and announced that they had stopped buying shares in each other. However, Ampol shares were actively sought by the traditional Amppl brokers, thought to be acting for “friends" of Ampol, and the brokers for a third party which has not yet been identified. Around 2.7 M Ampol shares were traded in Sydney and IM went through in

Melbourne, with the price steady at 90c. Special sales after the market closed on Friday, and overseas sales boosted the national turnover of Ampol shares, to more than 8.5 M.

Ansett firmed 3c to 158 c, after a special sale of 1.6 M shares was reported at 160 c a share; brokers said the shares were crossed by Ampol’s broker. Mining and oil stocks remained firm and some solid gains were recorded among the oils. Closing prices of a selection of shares were:—

Industrials—A.C.l., 196; Acmll, 72: Advertiser. 183; A.G.C, 136; AmatU, 236;- Ampol, 90; Ansett, 156; A.P.M, 90; A.N.I, 179; A. 355; AKC, 115: A.S.C. Props, 110; Assoc. Pulp, 207; Aust. Fert, 175; A.W.A., 252; B. 298; 8.H.P., 956; 8.M.1., 110; Boral, 232; Borg W, 250; Brambles, 187; Bundaberg, 460; Burns P., 240; Carp, 171; C’maine, 322; Clyde. 160; C.8.A., 261; C. 248; C.1.G.. 256; Coal. 710; Coles, 220; Gomalco, 390; Cone. Monier, 160; Containers, 240; Courtaulds, 75; C.S-R.; 390; C.U.8., 182; Dunlop, 90; Elders. 202; Email, 107: E.Z.I, 350; Fairfax, 135; Flexdrive, 162; Hanlmex. 132; J. Hardie, 350; Herald, 253: Hooker. 87: Humes, 122; 1.C.1., 230: Jennings, 81; D. Jones, 120; H. Jones. 115; Lend Lease, 270; L.N.C, 184; Mauri, 81; Mayne

Nick., 188; McPhersons, 91; M.L.C, 380; P. Morris, 580; Myer, 166; N.Z. Forest, 216; Nat. Bank, 250; Nat. Cons., 125; News, 305; Nylex, 85; Oakbridge, 156; Olympics, 70; Overseas, 114; Petersville, 136; Pion. Concrete, 153; Pion. Sugar, 152; Protector, 210; Q.B.E. Ins., 145; Repco, 125; Rocla, 75; Rothmans. 282: Sleigh, 73; H. Smith, 556; Soul, 560; Sth Brit., 248; Swan, 146; Taubmans, 85; Thiess, 425; T.N.T., 144; Tooheys, 155; Tooths, 177; Union Carbide., 230; Waltons, 67; Wwths, 157; Gen. Prop. Trust, 160.

Mining.—Aberfoyle, 195; Aust. Dev, 55; Allstate, 24; Ashton, 123; Assoc. Min, 195; B.H. Sth, 190; Bougainville, 225; Cons. Gold, 385; Com. Mln, 260; Cent Norse, 3670; C.RA, 375; Carr Boyd, 39; Cons. Rutile, 185; Cudgen, 78; G.M. Kalg, 150; Hamersley, 265; HiU 50 Gold, 32; Kath. Iny, 450; Magellan, 255; Mid East, 45; M.I.M, 354; M.K.U, 90; Mt Lyell, 80; Nth B.H, 190; Nth Flinders, 25; Pancont, 1310; Placer Dev, 2250; Peko, 596; Project. 13: Parlnga, 45; Poseidon, 97; Qld Mines, 485; Renison, 1220; Robe River. 100; Southland, 27; Sth Pae.. 520; Santos, 350; Tasmlnex. 58; Utah, 395: Woodsreef, 41: W.M.C.. 284. Oils.—A.A.R.. 260; Ampolex, 165; A.O.D, 214; A.0.G.. 85; Beach, 64: Bridge, "25; Longreach. 4; OU Search, ,6: Timor, 71; Vamgas, 170; Woodside, 103.