Mining rally

Press, 16 July 1982, Page 8

Mining rally

NZPA Sydney Reports of fighting between Iran and Iraq pushed prices higher in the afternoon session on the Sydney sharemarket yesterday and the all-ordinaries index closed 1.1 points up at 453.6. Brokers said, however, that the market was cautious because of the Australian Labour Party Parliamentary leadership vote today. Major mineral stocks rallied, C.R.A. returning to a steady $2.88. W.M.C. gained 1c to 273 c and M.I.M. was 3c down at 265 c but 5c above its opening price. Oil and gas stocks finished stronger, with Santos 10c better at 445 c and Woodside 1c up at 67c. Vamgas was 16c down at 630 c. Gold stocks were steady to lower after the drop in gold prices and Central Norseman fell 10c to 380 c. . . ’ . A

The National Mutual Life Assurance offer for Reef Oil and Basin Oil closed yesterday, major parcels changing hands. Reef sold its holding of five million Basin shares at $2 through the broker, Ord Minnett, while 1.42 million Reef shares were traded to brokers acting for N.M.L. • Murphy. Ores traded heavily: almost two million sold at 40c. In Melbourne, leading stocks made small gains towards the close after a dull first session. The market leader, 8.H.P., closed 10c higher at 670 c, and CSR climbed 9c to 265 c. Brokers said some traders were punting on oil stocks in the expectation of a price rise because of the Middle East hostilities. Santos rose 10c to 445 c, Woodside was 2c higher at 67c and Claremont rose 2c to 59r