Market slide halted
A technical bounce on Wall Street and a slight easing of Commonwealth tap stock yields helped stem the selling tide on the Australian sharemarket yesterday but failed to turn it. The all-ordinaries index slipped 0.2 points to 556, another 1981 low, in subdued trading punctuated by several big crossings. BHP was among the winners with a 10c rise to 994 c despite news that the company planned to scale down production at its Groote Eylandt manganese mine by 20 per cent. • However, Vamgas fell 30c to 930 c after another discouraging report from the Blina No. 2 well in the Canning Basin. The well operator, Home Oil, reported that a drill stem test recovered less than a metre of clear oil out of a total fluid recovery of 1435 metres.
In other trading, CSR slipped 5c tb 423 c, WMC fell 12c to 400 c, MIM rose 2c to
320 c, CRA was steady at 300 c, North BH weakened 2c to 250 c.
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Press, 29 October 1981, Page 24
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167Market slide halted Press, 29 October 1981, Page 24
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