AUSTRALIA Weaker end after strong opening
NZPA Sydney Australian sharemarkets ended the week easier after a strong start, with the market dragged down by a drop in the world gold price mid-week, worse than expected trade figures, and a lower BHP profit, brokers said.
The all-ordinaries index, which cracked the 1000 barrier last Monday, ended the week 1.2 points lower at 990.6.
The all resources index lost 4.9 to 626.3, but the allindustrials, boosted by a late rally, firmed 4.2 to 1462.6. The gold index, which soared to a midweek high of 965, was pulled down by a drop in world bullion prices. But it still managed to end 8.1 higher at 947.2. BHP continued to be the focus of market attention, announcing a SUS74S million take-over offer for Monsanto, the United Statesbased oil company. About 10M BHP shares were sold on Thursday with Bell Resources chief, Mr Robert Holmes a’Court believed to have picked up about 8M and Adsteam boss, Mr John Spalvins, the remaining 2M. In spite of the buying spree BHP ended the week 28c lower at 832 c, with
brokers blaming the takeover announcement for pull- -,s ing the stock down. 1 Hooker Corporation fell; * 30c to 190 on news that directors > had reluctantly 4 accepted a partial take-over 3 offer by GSH Finance Pty, Ltd. “I Gold stocks also received ;; attention, with the world bullion price surging above ■; the 1U5330 mark on Tues-., day but tumbling back to around 326.40/90 later in the 4 week. Renison ended 20c J higher at 520 c, Kidston 16c a at 556 c and GMK 10c at 4 990 c. “4 Among market leaders,
CSR, rumoured to be in BHP’s take-over sights, s added 13c to 349 c. North | Broken Hill was up 10c to.-< 228 c but CRA eased 12c to ; 534 c and Santos 2c to 540 c. '
In the banking sector, National Australia lost 8c to • • 470 c, Westpac 5c to 453 c but . ANZ firmed 3c to 475 c. On industrial boards, lEL ■ jumped 42c to 840 c, and Arnotts 22c to 330 c. How-
ever, Bell Group fell 20c to , 1155 c, Adsteam 16c to 924 c ? * and ANI 3c to 270 c. Among the media stocks, '!." News Corporation lost 20c to 856 c, Herald and Weekly Times added 4c to 586 c, and ' Fairfax was steady at 720 c. *
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Press, 2 December 1985, Page 44
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396AUSTRALIA Weaker end after strong opening Press, 2 December 1985, Page 44
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