Oil sector dominates

Press, 28 August 1979, Page 18

Oil sector dominates

The oil sector dominated firm Australian markets yesterday, with a number of speculative stocks and other oil-related stocks well supported. A wider range of stocks came in for attention after the burst of activity on Friday, when hydrocarbon shows in a well in the Canning Basin, Western Australia, were reported. The onshore exploration tax incentives announced in last week’s Budget, and reports that Western Mining Corporation was to head a big onshore search, lifted interest in oil stocks to the highest level for some time, brokers said. Partners will include Offshore Oil. which gained 2c to 19c, and Monarch Petroleum, which firmed 5c to 23c. Crusader stood out with a gain of 12c to 95c, while Timor, Oil Search, and Endeavour firmed. Partners in the Amaxheaded group which encountered hydrocarbons in the Ellendale well in the Canning i Basin include Vamgas which ■was steady at 205 c, and ACM, which eased a cent to 24c. Both rose sharply last week. Interest in newly-listed

OCA continued as the company has a 25 per cent interest in a Canning Basin well to begin drilling shortly. Resources heavyweights were well supported with BHP up 8c to 982 c, and CSR up 3c to 408 c. Woodside Petroleum firmed 5c to 109 c.

Bond Corporation, the major holder of Santos, firmed 15c to 110 c while Santos eased 5c to 425 c. Rumours that a big parcel of Santos shares were for sale have not been substantiated. On the industrial boards Commercial Banking Company of Sydney firmed 7c to 255 c after reporting a huge profit increase and higher dividend after its finance subsidiary, CAGA, returned to profitability. The Ampol Petroleum situation saw brokers acting for Brambles and Pioneer Concrete snap up virtually all of the shares sold at a steady 100 c. Turnovers were 430,000 in Sydney and 120,000 in Melbourne.

Closing prices of a selection of shares were:— Industrial.—ACL 200: Acmil, 71; AGC, 139; Ampol, 100; Ansett, 155; APM, 146; ANI, 185; ANZ, 372: ARC. 120; Assoe. Pulp, 215; Aust. Fert., 173 AW A, 265: NSW. 305; BHP, 984; BMI, 110; Boral, 235; Borg W-, 255; Brambles, 187; Bundaberg, 405; Burns P., 238:

Carp.. 170; Carrier, 135; C’maine, 320; Clyde, 165; CBA. 263; CBC, 255; CIG, 260; Coal, 710; Coles, 224; Comaleo, 390; Com. Union, 52; Cone. Monier, 162; Containers, 238; Courage, 40: CSR, 408; CUB, 181; Dunlop, 90; Elders, 198; Email, 115; EMI, 86; EZI, 350; Fairfax. 136; Fibre Con., 105; Hanhnex, 130; J. Hardie, 338; Hardie Trade, 197; Herald, 257; Hooker, 89; Humes, 119; ICI, 233; Jennings, 86; D. Jones, 121; H. Jones, 125; Kauri, 24; Kelvinator, 160; Lend Lease, 285; Lifesavers, 210; LNC, 190; Mauri, 86: Mayne Nick.. 190; McPherson, 95; MLC, 390; P. Morris, 610; Myer, 167; NZ Forest, 220; Nat. Bank, 265; Nat. Cons.. 126; News, 310; Nylex, 83; Oakbridge, 165; Olims, 34; Olympics, 71; Overseas, 120; Petersville, 136; Pioneer Cone., 152; Protector, 220; QBE Ins, 145; Repco, 127; Rocla, 80; Sleigh, 78; H. Smith, 584; Soul, 560; Swan, 150; Taubmans, 93; Thiess, 445; TNT, 151; Tooheys, 158; Tooths, 190; Waltons. 65; Weill, 140; Wwths, 161; Gen Prop. Trust, 160. Mining.—Aberfoyle, 205; Aust. Dev., 59; Allstate, 30; Ashton, 127; Assoc. Min., 200; BH Sth, 200; Bougainville, 228; Cons. Gold, 415; Cent. Norse, 720; CRA, 375; Carr Boyd. 38; Cons. Rutile, 190; Emperor, 67; GM Kalg., 165; Hamersley, 265; Hill 50 Gold, 35; Kath. Inv., 490; Magellan, 260; Mid East, 40; Metals Ex., 72; MIM, 360; MKU, 89; Mt Lyell, 85; Nth BH, 197; Nth Flinders, 25; Pancont, 1380; Peko, 606; Project, 12; Paringa, 52; Poseidon, 108: Qld Mines, 500; Renison, 1210; Robe River, 105; SouthI land, 27; Sth Pac., 500; Santos, 425; Tasmlnex. 62; Utah, 390; Woodsreef, 41; WMC, 292.

Oils.—AAß. 270; Ampolex, 175; , AOD, 27; AOG, 82; Beach, 65; [Bridge, 220; Longreach, ?0; Oil Search, 17; Hartogen, 190; Timor, 19; Vamgas, 205; Woodside, 110.