Australian market breaks record

Press, 10 November 1980, Page 24

Australian market breaks record

In the Australian sharemarket a number of records were broken last week, because of heavy overseas buying early in the week and tiae surge of confidence after the election of the United States Republicans. However, a huge bout of profit taking on Friday wiped out sofe the gains. On Monday and Tuesday, oil stocks, and particularly the Cooper Basin issues, were in Dig demand as the Canadian Government’s announcement of plans to restrict foreign investment in oil and gas sent investors scurrying after new opportunities.

These gains were cut in Friday’s rout, but Santos still 'finished 65c up from the previous Friday, at $17.35," after hitting $18.50 on Wednesday.

Uranium issues were in steady demand on buying in London, and although the week-end result was mixed,

most ended higher, as EZ Industries closed 60c higher at 780 c, Kathleen Investments put on 100 c to 900 c, and Pancontinental rose 134 c to $10.30.

A highlight of the week was a rush by Ampol Petroleum shareholders to rid themselves of their scrip at Pioneer Concrete’s 200 c a share or Convertible note offer price, after Ampol’s board, having failed to see any rescue attempt in the offing, reluctantly advised . shareholders to sell.

The result was a flood of units on Wednesday and Thursday which set new volume records of more than $6O million on both days, temporarily crippling the exchange’s computers in the; process. When it was over, Pioneer Concrete had spent $l2O million and acquired a 64 per cent stake in the big oil refiner and retailer, and Ampol’s shares fell 22c from the previous Friday to 180 c. Tantalite stocks also made

news, as Greenbushes Tin raced from $13.80 to $l9 and down to $16.10, closely followed by its 30 per centowner, Vultan Minerals. The major issues went up and down in line with overall movements, and ended the week lower, as BHP slipped 15c to $16.65 after hitting a record $l7 on Monday, CSR was 20c off at 776 c after a high of 800 c, MIM was 30c lower at 540 c after trades to 580 c, and CRA eased 26c to 660 c. Coal miners were narrow* ly mixed, and gold stocks, after a mixed performance .during the week and two $24 falls in bullion prices on Wednesday and Thursday, were steady to lower, with Central Norseman and GMK steady at $l2 and $11.50; Poseidon was off 50c at 700 c and Emperor lost 80c to 500 c.

The Rundle oil shale twins were mixed at week’s end; Central Pacific put on 30c to $11.30 but Southern Pacific eased 5c to 405 c.