Bank shares heavily traded

Press, 27 August 1983, Page 23

Bank shares heavily traded

NZPA Sydney Heavy turnover in bank shares highlighted trading as Australian sharemarkets, after falling substantially in early trading, recovered to close virtually unchanged yesterday. At 3 p.m. the all-ordin-aries index was down only 0.8 points at 696.7, after falling 3.5 points in the first hour. The all-resources index was down only 0.9 points at 577.8, after dropping almost five points initially. The all-industrials — index was down 0.7 points at 843.7, after being down 2.5 points. Brokers attributed the recovery to strong buying support from bargain hunters, indicating the market was primed for further advances. Advances outnumbered declines, 143 to . 131. The banks were very heavily traded after the Reserve Bank

of Australia criticised the National Australia and Westpac for allowing their equity-to-assets ratios to drop below 5.0 per cent. National Australia, which on Thursday moved to remedy the situation by announcing plans to raise JI3OM through a one-for-four rights issue, closed steady at 320 amid turnover totalling 458,400 shares worth 51.47 M. Westpac, which is expected to announce a rights issue soon, also closed steady, at 315, on turnover of 495,500 shares worth $1.56M.

Heavy-weight mining stocks closed narrowly mixed after falling widely in early trading. BHP closed unchanged at 1135 after reaching 1120 in a' trading, while Western g recovered from 490 to finish at 500, up 5c on the day. CRA and CSR closed steady at 594 and 425 respectively. Industrials. —ACI, 161; AFL, 115; ANI, 278; ANZ, 475; APM, 220; AWA, 380; AdelStm, 340; Ad’tise, 165; Amatil, 272; Ampol, 168; Ariadne, 35; BHP, 1135; Boral, 325; Brambles, 256; Bundaberg, 345; BurnsP, 270; CIG, 276; CSR, 425; CUB, 299; C’maine, 412; Clyde, 165; Coles, 330; Comalco, 327; Dunlop, 130; EZlnd, 616; Elders, 415; Email, 123; Forestwd, 230; GPT, 175; GUD, 181; Hanimex, 58; JHardie, 395; Herald, 270; Hooker, 133; ICI, 200; IndEqu, 345; Jennings, 170; DJones, 275; Kern, 67; L Lease, 490; Life Save, 278; MLC, 970; MayneNic, 295; McPherson, 120; Monier, 170; PMorris, 410; Myer, 162; NZForest, 300; NZSB, 83; NatAust, 320; NatCons, 105; News Corp, 880; Oakbridge, 152; Oiims, 54; PioneerC, 160; PioneerShg, 151; Repco, 122; Rothmans, 790; Sleigh, 107; HSmith, 420; TNT, 208; Tooth, 410; UnionCarb, 300; Walton, 55; Westpac, 315; W’wth, 246; Wormaid, 325. Mining.—Aberfoyle, 900; Allstate, 68; Ashton, 152; B’ville, 295; CNG, 840; CRA, 594; Carrßoyd, 149; Cudgen, 180; Emperor, 355; Energyßs, 180; GMK, 1190; GemEx, 9; GoldCorp, 50; Hill 50, 58; MIM, 442; Mallina, 15; MetalsEx, 82; NthßH, 315; NthFlindr, 175; Pancont, 165; Paringa, 120; Peko, 780; Poseidon, 564; RGC, 495; Robeßiver, 225; Sthland,. 33; SthnPac, 26; Umal, 240; WMC, 500; West Sand, 125, Wdsrf, 7. Oils.—AOD, 92; AOG, 125; AmpolEx, 320; Beach, 30; Bridge, 315; Hartogen, 295; Magellan, 310; MidEMin, 90; Oil Search, 15; Pancont, 36; Santos, 800; Stirling, 3; Timor, 6; Vandas, dd 400; Woodside, 132.