Market retreats again
Trading on Australian stock exchanges ended on the downswing again yesterday; a disappointing quarterly report from the Ashton joint diamond venture offset encouraging news from the oil sector.
C.R.A., finished the day 30c down at 530 c and Ashton Mining lost 8c to 270 c despite news that marketing plans for the Lake Argyle and Ellendale diamond prospects were underway. An announcement from Bridge Oil that the joint venture Glen Foslyn well in the Surat Basin had been completed as a producer, after flowing 6.4 million cubic feet of gas a day, had little effect on the slumping oil sector.
Bridge finished unchanged at 390 c and Hartogen, which reported a gas show at its Leseur No. 1 well in the Bonaparte gulf, lost 10c to 480 c although its partner, Oil Investments, finned 8c to 38c.
Buyers attracted to weaker .shale oil. situations hel-
ped the sector gain ground] for the first time in two! days, and Esperance closed; 50c higher at 550 c and; Greenvale added 35c at 490 c. I Easier base metal and gold] prices forced most heavy-1
ll weight miners into retreat,’ J but industrial stocks were; I; generally firm with the ex-; Inception of resource-related; I issues such as 8.H.P., which Ijlost 15c to 814.90, and CSR, I which fell 22c to 728.
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Press, 11 July 1980, Page 8
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222Market retreats again Press, 11 July 1980, Page 8
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