Aust, market steady

Press, 19 August 1981, Page 24

Aust, market steady

Australian sharemarkets closed on a quietly steady note yesterday as traders held out hopes for a generally friendly Federal Budget.

The all-ordinaries index rose 0.1 points to 657.4 after being down 1.1 points at the end of the first session. The rise stretched the market’s winning streak to eight days, in what brokers described as surprising resilience in the face of the Budget and new upward pressures on interest rates. Continued overseas buying helped stiffen the resource sector, industrials held firm despite last week’s rises in official interest rates and news that one finance company had raised its threeyear debenture rate to a new peak of 16.75 per cent. AOD featured in'the oils with an 8c rise to 160 c as hopes continued to rise for the Merrimelia No. 6 well, in which the company has a 50 per cent interest. The partners reported yes - terday that the well had flowed gas at the rate of 154,000 cubic metres a day. ■The same well flowed oil at the rate of 443 bbl a day in tests last w r eek.

The retailer, Coles, was among the firmer industrial issues with a 3c rise to 220 c; the company announced an issue of 3.7 M shares at 245 c each.

In other trading, BHP was 5c down at $13.30, CSR dropped 18c to 550 c, WMC firmed 2c to 504 c, MIM was up 2c at 440 c, Bougainville held at 168 c, , Hamersley

gained 10c to 410 c, Pancontinental was 5c down at 325 c, Woodside was steady at 181 c,

the Bank of NSW added a cent to 308 c, and the ANZ Bank was 6c down at 546 c.