Oils active on firmer markets

Press, 18 April 1980, Page 18

Oils active on firmer markets

Oil stocks featured in rag-, ged but generally firmer! trading on Australian stock! exchanges yesterday. Investors took positions ahead of further drill reports on oil strikes in Queensland and South Australia.

■, Santos led the rises with a ■l2oc gain to 740 c, and Wood- ; i side put on one of its best shows of the year with a 12c rise to 207 c, inspiring rumours that the company was close to a strike on the

[North West Shelf. I Stronger base metal prices allowed for scattered gains on the mining boards, but Australian Gas Light’s 10c rise to 200 c stood out in the lethargic industrial sector. Turnover was not large, but it was a great improvement on the past few days, when trading was dull and listless. Rises outnumbered falls on all boards with the oil board eight-to-one in favour of rises. Investors marked up a wide range of gold stocks despite gold’s fall in New York. Central Norseman and Poseidon gained 10c to 610 c, and 230 c respectively. Samson Exploration finished its j first day on the boards at 82c, 52c above the issue price. 8.H.P., which has traded around 1200 c a share since the beginning of the month, finished the day 5c higher at 1195 c. I

Miners were firmer, with' C.R.A. up 10c to 490 c. MIM up 6c to 408 c, and Peko re-j

[gained some of. its recent losses, putting on 10c to [69oc.