Australian market closed firmer

Press, 4 July 1983, Page 16

Australian market closed firmer

The financial year ended quietly on Australian stock exchanges, with volumes down because of institutions’ closing their books. Energy stocks provided the major news for the week, with oil and gas flows from the North Herald-one well in the Carnarvon basin and the Basker-one well in the Bass Strait.

In addition, Santos tried to entice the National Mutual T and G Insurance group and the merchant banker, BT Australia, to part with their almost 90 per cent stakes in the smaller Cooper Basin partners, Reef Oil and Basin Oil, with joint bids valued at sAustllo million cash for the pair.

BHP closed thw week with a flurry of activity which saw the stock rise to 840 c, a gain of 20c for the

week. On Tuesday. BHP announced its lowest annual steel output for 10 years — 4.5 million tonnes for the year to May 31. On Friday, BHP revealed that negotiations for the takeover of the General Electric-owned coal producer, Utah, were proceeding and should be concluded by October. TNT announced that it was purchasing more of the European transport operations of IPEC. The United Kingdom transport giant, P and O, announced that it had decided against selling its stake in P and O Australia. Alan Bond announced that the Bond Corp would sell its 38 per cent holding in Grace Bros to the Myer group for sAustBo million, ending the greatest battle ever for con-

trol of Australian retailing. , ~ Bond Corp followed this by announcing the $77 million purchase of a 5 per cent stake in the Argyle diamond venture in Western Australia, plus the Rhondda Colliery in Queensland. Australia’s pastoral industry looks set for an overdue shake up. Negotiations were announced for the possible rationalisation of pastoral operations in South Australia by Bennett Farmers and an unnamed party, believed by the market to be Dalgety. The pastoral giant, Elders, was rebuffed by directors of the meat group, F. J. Walker, and quickly increased its bid to 80c. Among results, Pioneer Sugar profit fell 68 per cent to sAustl,96o,ooo.