AUSTRALIA Gold shines

Press, 1 April 1985, Page 32

AUSTRALIA Gold shines

NZPA Sydney Australian sharemarkets firmed last week, gold stocks taking advantage of higher international prices and a weakening American dollar. Commodity stocks tended firmer with a steady rise in the gold price which was likely to remain firm in the coming weeks, brokers said. The gold index was 107 points higher at the end of the week with heavy trading in selected stocks.

The all ordinaries index rose 19 points to 829.6 while the all industrials index was 17 points firmer at 11912 and the all resources index wsa 19.7 points higher at 548.9. Central Norseman rose 120 to 630 while Poseidon was up 50c to 385 and Emperor Mines ended the week 43c stronger at 348.

BHP gained 10c to 594 after being cut back later in the week from 606 on profit-tak-ing.

Repco Corporation lost 4c to 125, but dominated trading with more than 15 per cent of its issued capital placed in the hands of Ariadne Australia. Brokers said Repco, in turn, was believed to have picked up 9.54 per cent of Ariadne, which ended the week 30c higher at 60. The banks were firmer, with ANZ 15c up at 455, Westpac 14c higher at 348, and National Australia 2c up at 347. Oil stocks tended firmer, Moonie Oil gaining 75c to 350 on market speculation that the company could be subject to a take-over bid in the near future.

Weeks Petroleum added 40c to 550, and Santos gained 14c to 610.

Among situation stocks, Arnotts finished 30c higher at 450, and Hooker fell 50c to 167 with the partial bid by Sotela Pty, Ltd, closing on Thursday with 30.24 per cent of the issued capital.