Australian market easy

Press, 22 July 1980, Page 18

Australian market easy

Shares prices drifted in subdued trading on Australian Stock Exchanges yesterday as traders reacted to new interest rate pressures, uncertain gold trends, and a disappointing drill report from Strata oil. Strata finished the day 5c weaker at 295 c despite reporting that it’s. Woodada No. 2 well had bled gas over a large proportion of its length. A report from the. Della No. 1 well partners that the Cooper Basin had flowed 11,7 million cubic feet of gas was better received; Santos rose 20c to $13.20 and Crusader advanced 10c to 400 c. News of a 0.5 per cent increase in the Australian savings bond rate tended to take the edge off industrial shares, and BHP finished steady at $15.40 after touch-

ing a record $15.45 ahead of its profit results on Friday. ' Heavyweight metal miners were mixed although uranium miners Peko and Ez continued to benefit from a 4.5 million, pound U.S uranium contract,, and added 12c and 10c respectively to 840 c and 690 c. Caution also crept into the speculative sector where Greenvale fell 40c at 500 c and Esperance lost 30c to 550 c. . A report of low to moderate indications of gas at the Leseur No, 1 well in the Bonaparte Gulf pushed Oil Investments 7c lower to 55c but its consortium member, Hartogen, added 10c to 490 c. Industrial trading was highlighted by a special sale of 802.816 shares in meat stock; F. J. Walker, at 110 c. Walker finished 2c higher at 92c.