BHP falls again below 800c

Press, 21 May 1982, Page 16

BHP falls again below 800c

The . Australian sharemarket fell for the sixth consecutive day yesterday, with BHP dropping below 800 c. Market analysts blamed continued losses on overseas markets, a lack of London investor interest in Australian shares because of the Falkland Islands crisis, and little sign of a sustained recovery in world metal prices. At the close, the all-ordin-aries index was 3.9 points down at 510.2, with resource stocks easing six points to 383.4. BHP was under 800 c for the first time since May 6. with a 20c fall to 794 c. It has lost 44c so far this week. The oil-and-gas sector was one of the hardest hit — dropping more than nine points, despite expectations that the current O.P.E.C. meeting in Ecuador will keep the oil prices at SUS 34 a barrel.

Santos, the major partner in the Cooper Basin well, Dullingari No. 29. in South. Australia, which flowed 800 barrels of oil a day, was 12c lower at 536 c. Vamgas, with a 10 per cent share, was steady at 800 c and CSR, with a 30 per cent interest through Delhi, ‘ was 8c down at 317 c. The operator of the oil ; discovery well, Kihee No. 1 (Pancontinental Petroleum) was 3c lower at 44c and a ' participant. Bligh Oil. was steady at 125 c. ANZ, which has been severely cutback recently, managed a 5c rise in the morning, before closing unchanged at 400 c. ACI came in for some A heavy selling after its slow- 1 down in profit growth during the second half of its financial year. More than 280.000 shares , were handled in the group with the shares falling 5c to 150 c.