Strong Australian market
Australian sharemarkets last week overcame concern about the short-term outlook for international interest rates, and posted across-the-board gains, led by media and oil and gas stocks. During the week the allordinaries index rose 9.4 points to 614.8, as the allindustrials index gained 8.5 points to 749.1 and the allresources index advanced 10.0 points to 506.2, a new high for the year. Oil and gas stocks performed exceptionally well, lifting the oil and gas index by 33.9 points to 587.7,
The biggest event of the week was the news that the Basker One exploration well located in the Bass Strait had flowed oil at a rate of 5722 BPD during its first production test. The share prices of partners in the permit area rose sharply in subsequent trading. News Corp (20 per cent interest) gained 106 c to 636, Crusader Oil (15 per cent) rose 90c to 740, and Mincorp (5 per cent) advanced 7c to 19c. Oil stocks in general rose strongly in anticipation that world oil prices will soon rise. Among the biggest
gainers were AOD, 9c to 90c, Beach 4c to 29c, Central Pacific Petroleum 20c to 122, Santos 36c to 712, and Southern Pacific Petroleum 5c to 25c. Media stocks also advanced strongly in reaction to rumours that the international news agency, Reuters, may soon be floated publicly. In addition to News Corp’s impressive gain, the Herald and Weekly Times rose 28c to 450 and John Fairfax and Sons climbed 25c to the all-time high of 310. News Corp, HWT and
Fairfax each has a substantial interest in Reuters through their joint control of Australian Associated Press, which in turn owns a 13.5 per cent stake in the highly profitable international news agency.
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Press, 11 July 1983, Page 14
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289Strong Australian market Press, 11 July 1983, Page 14
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