Aust. market slumps
Accelerated selling towards the close of trading forced the Australian sharemarket to another 16-month low yesterday amid concern that upcoming U.S. Government funding programmes could renew upward pressure on interest rates. The all-ordinaries index slipped 9.7 points to 545.6 as several big resource issues — including MIM, CRA, WMC, Peko, Bougainville, North BH, and Woodside — hit their lows for the year. BHP finished the day 20c off at 974 c after trading at 970 c, its lowest price in more than two vears.
Indications of the troubled times being encountered by Australia’s biggest company were underscored by unconfirmed reports that the company planned to sack 850 employees and close its Kwinana blast-furnace in Western Australia.
Take-over speculation sur-
rounding the H. C. Sleigh group eased yesterday after trade of more than two per cent of the issued capital.
Sleigh shares rose 2c to 122 c on mainly speculative buying. Turnover was 38,000 shares.
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Press, 30 October 1981, Page 9
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155Aust. market slumps Press, 30 October 1981, Page 9
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