Take-overs ‘only life’

Press, 6 May 1981, Page 28

Take-overs ‘only life’

Take-over speculation provided the only glimmer of life on the Australian sharemarket yesterday as resource issues retreated in the face of weakening gold

E rices, further rises in key>. United States interest rates, and a near-total lack of overseas support. Banking issues continued to hold, the spotlight as

traders jostled for position in an expected shake-up of the sector if talks between the C.B.A. and A.N.Z. lead to a merger. The C.B.A. eased 5c to 445 c on a national turnover of only 60,000 shares as traders waited for news on the progress of the talks, and the A.N.Z. was steady at 460 c despite reporting a 34 per cent increase in profit to a record ?88.0M for the halfyear to March 31. The C.8.C., considered susceptible to take-over if the C.8.A.-A.N.Z. deal comes off, continued to top the banking turnover lists, about 240,000 shares going through nation-

ally — but the stock closed at a steady 445 c. The National was the only banking stock to make sigcant progress with a 15c rise to 355 c but the Wales, due to report for the half year on Friday, was down 5c at 325 c. The Bank of N.S.W. finance subsidiary, Australian Guarantee Corp, was among the stronger issues with a 9c rise to 206 c amid talk that its parent could move to increase its holding. The all-ordinaries index slipped 5.7 points to 705.3 under the burden of an 18.3 point fall in the oil index to 874.9