Heavy selling
Oil and gas issues bore the brunt of the continued heavy selling yesterday which has characterised trading this year on the Australian sharemarket. As' major oil issues retreated during the morning session, the oil-and-gas index slipped 11.4 points before afternoon bargain-hunting saw some recovery. The index closed 6.6 points down at 591.8. So far this year the index has shed. 94 points despite news of major significant oil and gas flows from the north-west shelf and Bass Strait.
Brokers said flows this week from the Gippsland Basin’s Tarwhine No. 1 well of 2600 barrels of oil a day and more than 3000 barrels of oil and hydrocarbon liquids from the north-west shelf Goodwyn No. 6 have had little impact on. trading. BHP. which has interests in both basins,- yesterday plunged through the psychologically significant 900 c barrier to bring its losses for the year to 145 c. BHP finished the day down 4c to 900 c after touching 894 c. About 280,000 units changed hands in Sydney,
with another 320,000 sales in Melbourne. A special off-room sale of 89,000 .BHP stock Units was reported at the day’s low of 894 c. , •.%
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Press, 22 January 1982, Page 14
Word Count
193Heavy selling Press, 22 January 1982, Page 14
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