Aust. market easy

Press, 6 September 1980, Page 18

Aust. market easy

Select gold, oil, and shale oil issues set the pace on Australian sharemarkets yesterday, but disappointing performances by several leading stocks continued to depress over-all levels.

Poseidon led the major golds with a 40c rise to a year’s high of 560 c and an influx of cash into smaller explorers saw Mogul end the day 70c higher at 400 c on the strength of the company’s interest in the Bamboo Creek gold find in Western Australia.

: In , the shale oils, Alpha firmed 50c to 145 c in response to an accouncement that the company 'planned production of up to 2500 bbl of oil a day within the next three years, and Esperance firmed 70c to 550 c and Greenvale added 55c to 465 c. Industrial issues were generally listless, but Hooker managed a 4c rise to 116 c

after announcing an improved cash flow on top of its already reported 16.2 per cent profit improvement.

The construction group, Watts Holdings, eased 10c to 130 c 10c below an offer by Fletcher Holdings. Western Mining, which turned in a 133 per cent profit increase to $57.4M,

finished the day 10c weaker at 570 c and B.H.P. dropped 20c to $15.10 despite news that it planned to go ahead With its SBOM Saxbnvale coal project. Hartogen led the oils with a 30c rise to 620 c and Strata and its associate, Faoma, each added 20c to 280 c and 340 c.