Australian market closed firm

Press, 19 March 1984, Page 24

Australian market closed firm

NZPA byaney Australian stock markets closed last week with a strong price rally but brokers doubted its resilience.

The rally came after four days of small volume trading with prices narrowly mixed.

CSR finned every day and opened Friday’s trading by jumping 14c in the first hour on a rumour, later denied, that a Perth businessman had cornered 5 per cent of the company and would bid publicly for more. The rise continued after the denial.

Stocks in the Magnet Metals Group were suspended after two reports were released through the Perth stock exchange which were found to be false.

Westfield,, the property developer bought 9.64 per cent of Bridge Oil, and Pioneer Concrete announced plans to pay sAustsBM for the 15 per cent stake in its associate, Ampol Petroleum, Ltd, held by another associate, Ampol Exploration, Ltd.

Industrial companies continued to report significant rises in their interim results, notably Dunlop

Olympic, up 40 per cent to sAusts6.sM and Bums Philp 41 per cent to sAust27.6M. ANI resolved its long standing problem of the 24 million shares in itself which were acquired in the Comeng, Ltd, take-over of 1982. ANI shares rose 30c to 270 c on news that the shares were to be cancelled and new shares issued with a large bonus component. Bell Resources announced a merger with its 48 per cent-owned associate, Weeks Petroleum, through the issue of Bell Resources stock.

The market reacted to this by cutting Weeks Petroleum stock back 50c to 650 c.

Strong oil flows continued from the Manta No. 1 oil well in Bass Strait, with rates of 6369 bpd and 5429 bpd reported. The Eclipse No. 1 well was spudded in in the permit adjoining the Jabiru oil discovery.