Weak Aust. market
Low metal prices and listless trading on the world’s big equities markets kept resource issues under pressure on weaker Australian sharemarkets yesterday. Market analysts said a recovery in world metals prices was crucial to any- big improvement in the market. The all-ordinaries index fell below the 500-point mark to 499.8. . Santos led the decline in the oil and gas sector with a 40c drop, after Wednesday’s sale of most of the Bond Corporation stake in the Cooper Basin producer to National Mutual. Brokers
had said that they expected Santos to ease, but the fall was accentuated by a steady stream of selling orders. Bond eased 7c and its new shares were 10c lower. Norman Ross Discounts rose 10c, which was interpreted by analysts as a sign that the market expected an offer from Waltons Bond above 550 c a share, 50c more than the Grace Bros offer. CSPi traded lower through most of the day before closing 2c up on the balance at 300 c. The company had reported a 26.5 per cent drop in its annual profit on Wednesday. . < .V . ■ ■■[ '■ ■
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Press, 4 June 1982, Page 19
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184Weak Aust. market Press, 4 June 1982, Page 19
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