Weak Australian market

Press, 15 July 1980, Page 18

Weak Australian market

Trading on Australian Stock Exchanges ended on a weaker note yesterday,) against the background of directionless world gold markets and a lack of overseas support. Energy stocks, including shale oils, were hardest hit by the pull-out of foreign cash despite speculation of a better-than-expected test at Strata Oil’s Dongara Basin gas find. The speculation pushed Strata shares 25c higher at one point before profittakers clipped thestock for a 10c loss to 240 c. j Because London buyers were between account periods, their favourite, Woodside, dropped below the 300 c for the first time in more than a month, on a 21c fall to 299 c.

Shale oil stocks were also' hit hard, despite talk of a promising drilling report from the Nagoorin prospect later this week, and greenvale lost 50c to 400 c, and Central Pacific shed 100 c to $67.00. In the industrials, 1.C.1. continued to gather strength with a 14c rise to 272 c, but B.H.P. drifted with the resources sector and closed 35c down at. $14.60. News that treasurer John Howard may take moves against industrial companies forming property trusts pushed Mver 10c lower to 150 c. A report that the coal leaders Howard Smith and Coal and Allied, had formed a company in Japan to import and distribute coal was greeted coolly; the

Smith shares shed 30c to 870 c and Coal and Allied failed to trade. Industrials.—Amatil, 207: ACL 222; Aust Feit, 130; AGC. 138; Acmil, 95; Ampol, 142: ANI, 272; ANZ, 500; APM, 207; Assoc Pulp. 218; Advertiser, 158; AWA, 328; Bundaberg, 375; BHP, 1460; Brambles. 240; BMI, 180: NSW, 292; Boral, 280; Burns P, 250; Borg W, 245; Carrier, 245; Carp. 195; CBA, 265; CBC. 312; CIG, 335; Clyde, 340; Contalco, 564; C’maine. 300: Coal All. 1180; Coles. 194; CSR, 694: CUB, 190: Dunlop. 89; Elders, 325; EMI, 115; Email. 137; EZI. 620; Fairfax, 150;! Fiji. 254; Flexdrive. 153; Forestwood, 350; Gen Prop Trust, 142; GUD. 185: Hardie, 475; Hooker, 95: Humes. 148: Herald, 228; ICI. 272; Ind Equitv, 360; Jennings, 87; D. Jones, 140; H. Jones. 210; Kauri. 38; Lend Lease. 395: LNC, 175; Lifesavers, 245: Mayne Nick, 220: McPherson. 148: MLC, 670; Monier, 175; P. Morris, 500; Mauri. 80; Myer. 152: Nat Bank. 258; Nat Cons. 135; News Corp. 280; Nylex, 130; NZ Forest, 270: Oakbridge, 405; Olympics, 153; Overseas, 145: Pion Cone. 220; Pion Sugar, 335; Petersville. 128;

QBE Ins, 220; Repco, 106; Rocla, 83; Rothmans, 230; Sleigh. 150; IL Smith, 870; Soul, 720; Swan, 172; Taubmans, 109; TNT,- 244: Tooths, 168; Union Carbide, 285; Waltons, 70; Wwths, 152; Wormaid, 395. Mining.—Aberfoyle, 720; Aust Dev, 180; Allstate, 170; Ashton, 245; Assoc Min, 300; BH Sth, 450; Bougainville, 250; Cons Gold. 720: CMI, 350; Cent Norse. 1190; CRA, 530; Carr Boyd, 65; Cudgen, 170; Emperor, 223: Gem Expl, 60; GM Kalg, 860; Gold Copper, 150; Hamerslev, 445; Hill 50 Gold, 80;! Kath Inv, 640; Mid East. 24;! Metals Ex. 110: MIM. 460; MKU.I 71: Mt Lyell, 185; Nth BH. 350:1 Nth Flinders. 170; Pan Cont. 700;i Placer. 1550; Peko, 810; Paringa.; 130; Poseidon, 430; Qld Mines.! 810; Queen Marg. 44- Renison.; 1900: Robe River. 145; Southland,! 44; Tasminex. 65; Utah, 546: Woodsreef, 4; WMC. 500; Westralian, 29. Oils.—AAß. 870: Ampol Ex, 255; AOD, 87: AOG, 230; Beach, 152; Bridge. 380: Hartogen, 470; Longreach, 27; Magellan, 620; Oil Search. 31; Project Oil, 175: Sth Pac, 2225; Santos. 1290; Stirling, 33 and Opts, 10; Timor. 17; Vamgas, 650; Woodside,. 298. _