Oil boom dries up
The Australian sharemarket's oil boom narrowed to a few Canning Basin stocks yesterday as overseas buying in the rest of the market evaporated with the advent of holidays in London and New York.
Blina No. 1 partner. Vamgas. continued its role as the oil board pacesetter with a rise of 20c to $14.90 after trades at $15.10 as investors took positions ahead of drill reports expected later this week.
Western Mining, about to start an oil exploration programme in the Canning next week, led the big miners with a gain of 24c to 566 c but was looking 6c weaker on the quotes at the close. Woodside, with a 53 per cent stake in Vamgas, fell 5c to 243 c, and Eagle Corp, which has been rising sharply on the strength of its lenements close to Blina, slipped 6c to 122 c.
The all-ordinaries index added 3.5 points to 713.6 with (he help of a 25c rise by BHP to $14.85.
Banks were among the stronger issues despite some lingering nervousness over talk that she. CBC-Nationai
merger could become unstuck. The Bank of NSW rose 7c to 312 c. the CBA was unchanged at 640 c and the ANZ put on 2c to 482 c. In other trading. MIM .scored 5c to 490 c. Hamersley
picked up 10c to 440 c. North BH was 2c up at 330 c. Pancontinental held at 840 c, Bougainville was unchanged at 172 c. CRA was firm at 450 c, Pioneer Concrete was 3c off at 222 c and Tooth added 5c to 275 c.
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Press, 27 May 1981, Page 28
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265Oil boom dries up Press, 27 May 1981, Page 28
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