AUSTRALIA Take-overs, oils spur market up
NZPA-AAP Sydney Australian sharemarkets continued to ignore predictions of a downward correction last week, surging to record highs on the strength of oil and gas stocks and a resilient industrial sector. The market has reached record highs on 10 out of the last 12 trading days. Profit takers took the edge off rises on Friday for the first time in the week, taking advantage of Thursday’s 12point surge in the main market indicator, the allordinaries index. The index closed the week 21.6 points stronger at 1033.5 after Thursday’s peak of 1035.9. The all-industrials index put on 33.2 points to close at
a record 1501.3, while the all-resources index added 12.6 points to 658.4 after touching a year’s high on Thursday of 678.4. The gold marker shed 27.3 points to 957.5, reflecting shaky world gold prices. The market was left reeling at the start of the week by the revelation by Perth entrepreneur, Robert Holmes aCourt of a huge corporate play on BHP. The deal, a sAustsoo.l7M options deal with Adelaide Steamship’s Mr John Spalvins, resulted in dramatic rises in the BHP, Adelaide Steamship, and Bell Group share prices. BHP closed the week 28c higher at 876 c, Bell Resources gained 100 c to 1050, CSR 18c to 375 and Peko 16c to 576.
On industrial fronts, Bell Group rose 80c to 1160, Adsteam 7Uc to 10/u, FAI 450 c to 2250, Bond Corp 38c to 245, Industrial Equity 40c to 790, News Corp 24c to 790 and Pioneer Concrete 9c to 242.
Oil and gas stocks climbed steadily most of the week but fell on Friday. Oilsearch closed 35c higher at 92c after impressive reports from its Mananda No. 3 well. Santos rose 4c to 550 but Bridge eased 5c to 245. Banks were well supported. ANZ firmed 6c to 516, Westpac 14c to 524, and National Australia 17c to 510.
Among gold stocks, Kidston fell 20c to 520, Poseidon 35c to 365, but Central Norseman remained steady at 800.
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Press, 14 October 1985, Page 34
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336AUSTRALIA Take-overs, oils spur market up Press, 14 October 1985, Page 34
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