Prices weaker in Australia

Press, 16 March 1982, Page 34

Prices weaker in Australia

The big win for Labour in the Lowe by-election and bearish indicators from overseas . undermined the Australian sharemarket yesterday.

The all ordinaries index fell 3.4 points to 458.7 and major shares lost ground. BHP traded at 742 before falling sharply in the afternoon to close 22c down on the day at 728. TNT made one of the few significant gains with a rise of 5c to 185 ahead of a predicted healthy interim profit increase of 56.7 per cent to $40.62 million on turnover up 23.6 per .cent to $596.33 million.

Brokers said the Lowe result arid the threat of an early general election added to other market concerns about falling gold prices, another rise in U.S. money supply and Friday’s fall on Wall Street, halting last week’s technical rally here.

Gold issues were ■ down with Poseidon, Peko, Central Norseman and North Kalgurli all falling. On the Sydney Stock Ex-

change. North Kalgurli lost 5c to 55 on a heavy turnover of 87,000 after reporting that falling gold prices had forced it to review its finances. Woodside and BHP provided the day’s main interest amid rumours that the Japanese company,. Nippon Oil, was about to bid for BHP’s substantial holding in Woodside. Woodside closed 6c up on the day at 80 with almost 1.3 million shares traded in Sydney and Melbourne. Bond Corporation continued its erratic trading path. It fell 10c to 140 after a 20c jump on Friday. In Sydney, Retailer Myer headed the turnover table with a little over 800,000 shares crossed by Jacksons at a steady 134, with an institutional buyer thought to be behind the sale. A flow of 167,000 cu. m of gas from Marabooka No. 2 appraisal well did not inspire the partners with Santos, CSR, Vamgas and Crusader all lower.

The well is adjacent to Marabooka No. 1 gas discovery well.