Nervous market slump

Press, 26 February 1980, Page 18

Nervous market slump

Uncertainty about interest rates, and. investor caution prior toi’’andfher round of profit resting made share prices slip in tentative trading on Australian stock exchanges yesterday. wave of prime rate .increases by United States banks late last week continued to divert foreign investors to- United States financial investments, and overseas funds, which fuelled boom levels on Australian markets earlier this month, slowed to a trickle. Opinion is divided on whether expected domestic interest rate increases .will put a drag on Australian share markets, which continue to be supported by strong commodity prices. Nervous selling caused some prices to crumble. Victims included highly-touted diamond stock Leichardt,

which some brokers had predicted would hit 2000 c a share this week.

Industrial.—AmatH, 222; A.C.1.. 222; Aust. Fert., 158; A.G.C., 145; Acmil, 97; Ampol, 108; A.N.1., 260; A.N.Z.. 470: A.P.M., 175; Assoc. Pulp, 240; A.R.C., 147; Assoc. Props, 104; Ansgtt, 220; Advertiser, 174; A.W.A., 325; Bundaberg, 970; 8.H.P., 1290; Brambles, 210: 8.A1.L. 145; Bank N.S.W., 310; Boral, 260; Burns P-. 290; Borg W., 245; Carp. .(W.R.). 181; C.8.A., 285; C.8.C., 305; C.1.G., 315; Clyde, 252; Comalco, 546; C’maine P., 322; Coal All., 980; Coles (G.J.), 207; C.S.R., 600; Courtaulds, 70; Containers. 13; C.U.8., 203; Dunlop. 86; Elders. 318; 122: Email, 120; Fairfax, 138; Fibre Con., 80; Gen. Trust, 158; G.U.D., 182; Hardie. 365: Hooker. 118: Hanimex, 145; Humes, 127; Herald. 210: 1.C.1., 296; Ind. Equity, 248; Jennings, 100; Jones (D.) 145; Jones (H.l. 150; Kauri. 31; Lend Lease, 335; L.N.C., 207; Lifesavers, 212; Mayne Nick., 232; McPhersons, 130; M.L.C., 510; Alonis (P.)_ 530; Alauri, 85; Myer, 163; Nat. Bank, 260; Nat. Cons., 136; News. 235; Nylex, 100; N.Z. Forest. 232; Oakbridge, 385; Olympic. 76: Overseas. 120; Pion.

Cone.. 215; Pion. Sugar, 350; Protector. 240; Petersville. 142; Q.8.E., 175; Repco, 114; Sleigh, 130; Smith (H.), 770; Soul (W.H.), 780; Swan Brew.,-,170; Taubmans.. 106; Thiess, 3do; T.N.T., 242: Tooheys, 220; Tooths. 235; Union Carbide, 253; Waltons, 63; W’wths 147.

Mining—Aberfoyle. 750: Aust. Dev. 106; Allstate. 185; Ashton, 305; Assoc. Min., 350: B.H. Sth, 480; Bougainville, 420; Cons. Gold. 720: C.M.1.. 330; Cent. Norse, 630; C.R.A., 580; Carr Boyd, 70: Cons. Rutile. .450: Cudgen, 175: Emperor. 210; Gem Ex.. 66: Gold Mines Kalg., 450: Gold Copper. 100: Hamersley. 425; Hill 50 Gold, 67: Kath. Inv.. 650; Mid East, 24; Metals Ex., 24; M.1.M., 520: M.K.U.. 125; Mt Lyell,' 260: North 8.H., 355; Nth Flinders. 175; Pancont. 800; Peko. 900; Paringa, 135: Poseidon. 250; Qld Mines. 670: Queen Margaret, 45; Renison, 1900; Robe River, 130: Southland. 36; Tasminex. 65; Utah. 430; Woodsreef, 4; W.M.C., 460; Westralian, 31.

OiI.—A.A.R., 500; Ampol Ex., 240; A.0.D., 53; A.0.G., 160: Beach. 121; Bridge. 308: Hartogen 332; Alagellan, 430; Oil Search, 37: South Pacific. 1600: Santos. 800; Stirling; 40. and opts. 12: Timor, 10; Vamgas, 340; Woodside, 228.