Australian market under pressure

Press, 29 April 1981, Page 22

Australian market under pressure

High interest rates and bear trends on world gold and spot oil markets continued to keep (he Australian sharemarket under pressure yesterday. Resource issues, especially oils, were again in the centre of the firing line as sellers moved in to cut back speculative elements built up over the last few months. The oil index took one of its biggest falls of the year when it shed 38.7 points to 903.7 for a loss of about 6.4 per cent in the last two days. The all-ordinaries index sagged 8.9 points to 703.6, the metals counter fell 9.4 points to 607.8 and the industrial index, the area most sensitive to interest rate movements, slipped 3.6 points, to 748.9. CSR proved one of the few heavyweights to make progress with 20c gain to 690 c after the release of the quarterly report which, expressed optimism in the group's shale oil and coal interests.

However, Peko slipped 20c to 930 c after the directors

warned shareholders to expect a substantial fall in profits for the year to June. BHP eased 30c to $l4 and the rights slumped 15c to 485 c. A 450 c payment on the rights will siphon about SI6OM from the markets on Thursday. In other trading, WMC

dropped 12c to 581 c, CRA was 15c lighter at 445 c, MIM held at 475 c, Hamersley eased 30c to 420 c, Bougainville eased 5c to 158 c, Pancontinental was firm at 990 c, Dunlop, ex rights, fell 9c to 117 c, Woolworths was down 2c at 226 c, and the Bank of NSW held at 335 c.