Investors seemed impressed

Press, 23 August 1979, Page 18

Investors seemed impressed

Post-Budget trading on Australian sharemarkets yesterday was generally very firm, helped by overseas buying. Investors seemed to be impressed with the Federal Government’s latest efforts to hold back inflation, provide a number of incentives for business, tax concessions for new onshore oil explortion, and a drop in some coal export levies. Thiess, Bellambi, and Austen and Butta firmed, but Utah, which will not be eligible for the lower levy, was steady. BJH.P. firmed 18c to 972 c, helped by production figures

which showed higher out* puts in all areas. CSR rose 22c to 412 c. The decision not to increase excises on beer, cigarettes and the absence of the expected wine tax gave a lift to Tooheys, Tooth, Cub, and Philip Morris. Oil stocks, including speculatives, were supported. Vaingas firmed 5c to 170 c, and Santos gained 15c to 375 c. A special sale of 2.1 M shares in A.0.D., at 27c, heightened recent take-over speculation. About 3.3 M Ampol shares were traded, the price rising 10c to 100 c. Ord Minnett

confirmed its order for 20M Ampol shares, but its client remains unidentified. J. B. were bought in for friends of Ampol. Rumours that Stocks and Holdings is planning to reconstruct the company into a property trust and holding company gained currency after special sales in Sydney and Melbourne at 500 c and 525 c. The company said that consideration was still being given to setting up a separate mining company to handle the uranium venture at Georgetown, Queensland, in which Getty Oil is a partner.

investors had been fearful of a gold producers’ tax, but this did not appear in the budget, and gold stocks rose sharply; The closing prices of some selected shares were.— Industrial—ACl, 198; AGC, 140; Amatil, 236; Ampol, 100; ANI, 182; Ansett, 154; APM, 141; Acmil, 71; Bank NSW, 310; ANZ, 370; BHP, 972; Borg W, 255; Carp (W.R.), 172; CBA, 265; G. J. Coles, 221; Comalco, 395; CSR, 412; EZI, 350; Hooker, 88; Humes, 120; ICI, 231; D. Jones, 121; Lend Lease, 275; Mauri, 83; Myer, 167; Nat Bank, 238; Oakbridge, 158; Pioneer Cone, 156; Pioneer Sugar. 152; Repco, 123; Thiess, 435; TNT, 145; Wwths, 160. Mining—BH Sth, 195; Bougainville, 225; Cons. Gold, 395; CRA, 380; Emperor, 66; Hamersley, 275; Metals Ex, 74; MIM, 360; Mt Lyell, 82; North BH, 195; Pancont, 1350; Peko, 614; Qld Mines, 500; Robe River, 100; Utah, 400; WMC, 293. OiI—AAR, 260; AOG, 88; Beach, 64; Bridge, 225; Oil Search, 16; Woodside, 109; Woodsreef, 4J.