Speculation boosts prices

Press, 1 April 1980, Page 20

Speculation boosts prices

Speculation that stronger .world gold prices would flow on to other commodities, and rumours of another diamond find in Western Australia, helped Australian stock exchanges check a week-long slide yesterday. But‘ turnover was light, and brokers said that it was unlikely that any full-scale recovery could be-mounted before a clear trend had developed- on world metal markets, and investors were sure that interest rates had peaked.’'*’-'! 1 --'- J”

J J posted ■ .one, of the: day’s big • gains,, and rose 25c to 255 c on:'rumours of ’a diamond discovery in -the Lake Argyle district; its

venture-partner, CRA, firmed 20c to 485 c.

The recovery in the gold sector was led by 20c gains by Central Norseman and Poseidon to 520 c and 220 c respectively; shale oil showed new strength on a 600 c jump by Central Pacific to 3800 c and a 30c gain by Esperance to 155 c.. However, ..most stocks hovered around their previous close; foreign interest was mainly concentrated in Monarch Petroleum which rose 12c. to 55c on an across-the-board surge of speculative ■ buying.

In a lacklustre industrial sector,* BHP. shed' 5c to IH5c;: CSR, which also has shale oil interests, rose 5c to 455 c.

Industrial.—Amatil, 210; A.C.1., 201; Aust. Fert., 145; A.G.C., 138; Acmil, 85; Ampol, 106; AN.I., .245; A.N.Z., 422; A.P.M., 162; iAssoc. Pulp, ,185; A.R.C., 137; [Assoc.; Props,* 100;, Advertiser, 163; A.W.A., 305; Bundaberg, 860; 8.H.P., 1150; Brambles, 195; B. 148; 8.N.5.W.. 290; Boral, 230; Burns P., 240; Carrier, 175; W. R. Carp., 170; C.8.A., 272; C. 275; C.1.G., 325; Clyde, 248; Cbmalco, 420; C’maine, 310; Coal All., 980; Coles, 186;C.5.R., 455; Courtaulds, 71; Com. Union, 110; C.U.8., 183; Dunlop, 77; Elders, 255; E.M.1., 107; Email, 136; E.Z.1., 560; Fairfax. 140; Flexdrive. 155; G.P. Trust, 150; Hardie. 380; Hooker. 102; Hanimex. 132; Humes. 123; Herald, 216; T.C.1., 208; Ind. Equity, 230; Jennings. 93; D. JoneS, 130; Kauri, 26; Lend Lease. 320; L.N.C., 180; Lifesavers, 220; McPhersons, 132; M.L.C., 620; Monier. 177; Mauri Bros, 85; Myer, 150; Nat. Bank. 242; Nat. Cons'. 120; News. 211; Nvlex, 106; N.Z. Forest. 230: Oakbridge, 330; Olympics. 100; Pion. Cone., 193; Pion. Sugar, 290; Peters-

ville, 123; Q.B.K. Inds. 165; Repco. 106; Rocla, 83; Sth British, 240; Sleigh, 100; H. Smith, 754; Swan Brew., 171; T.N.T., 235; Tooths, 200; Union Carb., 242; Waltons. 58; ■ Ww-ths, 145; Wormaid, 275, Mining.—Aberfoyle, 560; Aust. Dev., 85; Allstate, 105; Ashton, 260; B.H. Sth, 420; B’viUe. 330; Cons. Gold, 570; C.M.1., 290; Cent. Norse, 520; C-R-A., 480; Carr Boyd, 36; Cons. Rutile, 350; Emperor, 145; Gem Ex., 56; G.M.K., 360; Gold Copper. 100; Hamersley. 335; Hill 50 Gold, 51; Kath. Inv.. 500; Mid East, 15; Metals Ex., 110; 402; Mt Lyell. 90; Nth 8.H., 280; Pancont., 610; Peko-W.. 660; Poseidon. 205; Qld Mines, 520; Queen 29; Renison. 1650; .Southland, 42; Tasminex, 60; I Utah. 390; Woodsreef, 4; W.M.C., [385; Westralian. 24.

: Oil.—Ampol, Ex., 180; A.0.D.. [42; A.0.G.. 125; <■ Beach, 105; [Bridge,- 245:. • Hartogen, 265; [Longreach, 35; .Magellan. 286; iOil Search. '25: Sth Pac.. 1300; [Santos, 610; Stirling Opts, 90; Timor, 13; Woodside,~lBo.