Australian market weakens further
Gold stocks and oil and gas issues recorded the major price falls, as the Australian market continued to decline. Brokers said that smaller investors started the decline in the wake of falls on the London and New York stock markets and rising domestic inflation. However, brokers saw the 12.3 per cent inflation rate ending the election speculation that eroded prices last week. They said that institutional buying raised prices in the afternoon. The all-ordinaries index fell 8.6 points to 500.5. with the all-resources 10.1 points off at 384.6, and the all-industrials down 6.7 points at '643.9. Santos fell. 34c to 566 c, Vamgas at 830 c, Crusader at 580 c, Hartogen at 200 c and Ampol Exploration at 230 c were down 20c.
Woodside, Strata, Oil Company, Claremont, and Beach all weakened.
Major fails by gold' miners were G.M.K. 30c to 740 c and Central Norseman 24c to 688 c, while 15c falls took Peko to 470 c and Emperor to 120 c.
B.H.P. ended 12c down at 684 c after opening at 662 c. CSR lost 13c to 294 c, C.R.A. fell 3c to 357 c, E.Z. Industries shed 15c to 455 c, W.M.C. lost 8c to 314 c and Renison lost 5c to 285 c. Humes attracted attention -r 4.6 million shares trading at 118 c, 8c above the market price. The parcel represents 3.84 per cent of the issued ordinary capital. Westpac dropped 4c to 269 c while A.N.Z. Bank rose 2c to 357 c. Brambles shed 5c to 215 c and T.N.T. lost 3c to 157 c.
Sugar stocks retreated, with Bundaberg 8c lower at 222 c and Pioneer 6c down at 95c.
Building industry stocks declined, with James Hardie
12c off at 320 c and Boral 5c lower at 215 c. Pioneer Concrete moved against the trend to add 3c to 138 c while 8.M.1. rose 2c to 150 c.
Among retailers, Coles dropped 5c to 223 c; Myer at 135 c and Woolworths at 152 c were firmer. Coal issues eased with Oakbridge down 15c at 145 c, Coal and Allied 10c lower at 500 c, Howard Smith 5c cents lighter at 340 c and Umal 5c off at 215 c.
Elders dropped 8c to 292 c. C.U.B. at 215 c, Dunlop at 107 c and Bond Corp at 115 c were all 5c lower.
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Press, 27 October 1982, Page 32
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395Australian market weakens further Press, 27 October 1982, Page 32
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