Australian prices stronger
The Australian sharemarket responded yesterday to a report of a strong oil flow in a Cooper Basin well and brokers bid up a range of resources stocks. Santos reported a clean-up flow of 4267 barrels of oil a day through a one-inch choke from the Strzelecki N 0.7 development well.
A rush of early buying pushed up oil and gas issues and buoyed the . resources sector.
The oil and gas index, which had plunged 262 points this year, regained almost 14 points while the all ordinaries index climbed 5.9 points to 472.2.
Brokers said the market was helped by improvements world gold prices and
technical gains on Wall Street and the London market. They added that the midweek wave of resource sector buying, although shortlived, indicated growing technical support. Santos was up 15c to 450 c, Hartogen and Crusader both rose 30c and CSR, which has a 21 per cent interest in Strzelecki No. 7 through subsidiary Delhi, improved 15c to 315 c. Gold, issues were again firm following chart support for world bullion in overseas centres. Central Norseman gained 5c to 355 c, Poseidon and Peko were both up 10c while GMK picked up 20c to 320 c. William Adams was 10c
higher at 340 c as traders moved into the stock ahead
of ah expected attractive bid by Waugh and Josephson.
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Press, 20 March 1982, Page 18
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226Australian prices stronger Press, 20 March 1982, Page 18
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