Sharp falls in Australia
Nervous sellers’ dealt ...e : Australian sharemarket one 'of its sharpest setbacks in recent trading yesterday as overseas buj'ers continued to 'desert in the wake of a series of uninspiring profit results.
BHP, which was trading at a 10-year high of $16.00 a week ago, finished the day 30c weaker at $15.45 as Blue Chip resource issues came under fire.
Traders continued to ignore MlM’s new gold, copper and silver finds in Australia and’ New. Guinea and clipped the stock 6c to 518 c and C.R.A. dropped 16c to 624 c in spite of new gold finds at Bamboo Creek in western Australia.
The gold sector proved one of the few resource areas to hold up despite stagnant world prices; Emperor firmed 5c to 265 c, Poseidon advanced 2c to
490 c and Central Norseman and GMK were firm at $11.70 arid 850 c. Consolidated Gold Fields, which reported a 57 per cent profit improvement to a record $19.1M for the year, was steady at 950 c.
i .In other trading, Utah fell t 10c to 530 c. Peko dropped 10c to 960 c, Queensland , Mines lost 10c to 880 c, t Santos shed 20c to $13.60, i Woodside was 10c weaker at , 295 c, and C.S.R. eased , 18c to 752 c.
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Press, 29 August 1980, Page 8
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215Sharp falls in Australia Press, 29 August 1980, Page 8
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