Election fears check Australian market
On the Australian market cuts in bank prime rates and a drop in the Australian savings bond rate early in the week underscored .rises by industrial stocks, but renewed speculation of an early federal election eroded prices on Thursday and Friday. Brokers said election nervousness prevented any follow-through from the price rise on Wall Street The all-ordinaries index closed the week 3.2 points down at 518.9. The all industrial rose 3.9 points to 659.0, and the all-resources fell 7.1
points to 413.1. Brokers suggested that if an election were called, market capitalisation would be cut by 10 per cent. After allowing for a dividend payment, BHP ended the week Jsc down at 714 c. CRA also lost 15c to 370 c as did WMC to 335 c. Energy stocks eased, with Santos 14c off at 620 c and Vamgas 10c down at 880 c. Pancontinental lost 10c to 155 c. While banks finned, transport groups eased and retailers were mixed; sugar issues improved, coal stocks
fell, and building industry stocks firmed. Among situations, the Nylex board recommended acceptance of the bid of ACL and the BMI board, recommended the Boarl offer. The directors of the oilseeds crusher, Meggitt recommended against acceptance of the Industrial Equity offer. The Lend Lease-sponsored, Lend Lease Petroleum NL, was listed on Thursday and the 25c ordinary shares ended the week at par.
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Press, 26 October 1982, Page 30
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232Election fears check Australian market Press, 26 October 1982, Page 30
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