Australian market falls on weaker gold price

Press, 25 September 1980, Page 22

Australian market falls on weaker gold price

Nervousness on world gold and commodity markets overnight rubbed off on the Australian sharemarket yesterday as traders continued to weigh the consequences of the Iran-Iraq conflict. Gold issues, both speculative and established, bore the brunt of the selling after New York’s finish of 3711 — $5 lower than London’s close, and the absence of gold trading in Hong Kong spurred on the sell-off. Placer Development proved one of the few golds to improve, with a 200 c rise to $22 after the release of drill reports from gold prospects in Queensland and Papua New Guinea,- G.M.K. and Peko shed 60c each to $ll, and Emperor eased 25c to 475 c. . M.1.M., a partner m Placer’s Porgera gold prospect in New Guinea, eased 8c to 472 c. and the consortium member, Consolidated Gold Fields, slid 10c to 920 c. Oil issues were little changed but selected uranium stocks were sought,; including Queensland Mines whirh put on 20c to 900 c and Pancontinental which added .10c to 760c. A Industrials generally held

up, featuring a 10c rise by 1.C.1. to 285 c, but B.H.P. eased 10c to $15.70, and C.S.R. retreated 8c to 738 c.

Trading on the smaller end of the market was also dominated by golds and most ended weaker although several were bid off their lows. Turnover was given a boost when 267,000 A.N.Z. Bank shares were crossed in a special deal at the ruling market of 460 c. Industrials.—Amatil t 220; A.C.1., 205; Aust, tert.. 13a; A G.C. 135; Acmil, 102; Ampol, 170; A.N.1., 285; A.N.Z., 460; Assoc. Pulp, 210; A.R.C.. 175; A S C. Props. 98; Advertiser, 161, AW. A., 340; Bundaberg. -40 a; B H P.. 1565; Brambles, 288; BALL. 210; N.S.W.. 300; Boral, 320; Burns P., 263; Borg W., 27a; Carrier, 240; Carp., 20a; C.8.A., 268; C.8.C.. 317; C.1.G.. 325; Clyde, 335; Comalco, aB2, C’maine, ' 360; Coal All., llaO; Coles, 220; C.S.R., 738; Com. Union, 70; C.U.8.. 177; Dunlop, 90: Elders. 375; E.M.1.. 14a; E.Z.L, 700; Flexdrive, 160; Forestwood, 425; Gen. Prop. Trust 148; G U.D., 205; Hardie. 435; Hooker, 113; Hanimex. 125; Humes. 145; 1.C.1., 285; Ind. Equity 420; Jennings 114; D. Jones, 112; H. Jones, 205; Kauri, 38; Lend Lease. 410; Mayne Nick., 24a; McPhersons. 165; M.L.C., 700; Monier, 165; P. Morris, a2O; Mauri 95; Myer, 156; Nat. Bank, 272; Nat. Cons.. 165; News Corp., 292: Nvlex, 130; N.Z. Forest, 282: Oakbridge. 380; Ojims, 62; Olympics, 158: Pioifc Cone., 228, Pion. Sugar, 370; Protector, 22a;

Petersville, 126; Q.B.E. Ind.. 210; Repco, 103; Rocla 102; Rothmans, 300; Sleigh, 155; Soul, 780; Swan, 180; T.N.T., 253; Tooths, 193; Union Carbide, 317; Waltons, 78; W’wths. 178; Wormaid, 415.

Mining.—Aberfoyle. 910; Aust. Dev., 210; Allstate. 240; Ashton, 305; Assoc. Min., 328; B.H. Sth, 510; Bougainville, 262; Cons. Gold. 940; C.M.L, 350; Cent. Norse, 1270; Carr Boyd. 85; C.R.A.. 636; Cons. Rutile, 630; Cudgen. 200; Emperor, 475; Gem Expl., 65; G.M. Kalg., 100; Gold Copper. 170; Hamersley, 440; -Hill 50 Gold. 106; Kath. Inv.. 660: Mid East, 28; Metals Ex., 175; M.LM., 475; M.K.U.. 70; Mt Lyell. 240; Nth 8.H., 418; Nth Flinders, 255; Pan Cont.. 750; Placer Dev., 220; Peko. 1100; Paringa. 135; Poseidon 726; Qld Mines, 900; Queen Marg., 75; Renison. 2350; Robe River. 146; Southland, 55; Tasminex. 68; Utah, 546; Woodsreef, 6; WAI.C.. 600; Westralian, 36. Oils.—Ampol Ex., 300; A.OJJ., 70; A.0.G.. 320; Beach, 165; Bridge, 460; Hartogen, 610; Longreach, 34; Magellan, 720; Oil Search 28; Project. 150; Sth Pac., 2800; Santos 1410; Stirling, 33, and opts. 10: Timor, 21; Vamgas, 636; Woodside, 309.