Many sharp losses
Resource stocks which began tumbling at the opening of Australian markets yesterday, in reaction to lower base metal prices in London overnight, continued to plunge throughout the day to effectively erode several gains made during the week. B.H.P. tumbled 45c to close at 1385 c, despite its record half-year profit, which was announced just before the close. Hard-hit mining stock included Thiess, off 60c at 950 c; Utah, which fell 30c to 490 c; Bougainville, which dropped 42c to 428 c; C.R.A., which tumbled 60c to 650 c;
and Peko, which fell 50c to 970 c. An announcement that the A'NZ Bank was increasing overdraft charges for amounts under $lOO,OOO might also have had a dampening effect on the market. Sugar issues, which have been riding record prices, gave in to selling pressure, with CSR shedding 48c to 676 c, Bundaberg off 20c to 980 c, and Pioneer down 5c at 415 c. Oakbridge fell 15c to 410 c, but Coal and Allied was unchanged at 1100 c. EZ was down 30c to 820 c. Ashton Mining shed 20c to 325 c.
Many sharp losses
Press, 16 February 1980, Page 18
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