AUSTRALIA Weaker at close

Press, 9 December 1985, Page 44

AUSTRALIA Weaker at close

PA Sydney Bell Group chief Robert Holmes a Court’s continued buying spree of BHP stock kept afloat a market which this week closed lower, dragged down by higher interest rates and uncertainty in worlD bullion prices, brokers said. Holmes a Court picked up an estimated 16 to 18 million BHP shares during the week but failed to make his intentions known toward BHP at the Bell Group annual general meeting in Perth mid-week. The all-ordinaries index lost 6.5 points during the week to close at 984.1, the all-industrials index 7.8 to 1454.4, and the all-resources 5.2 to 621.1.

The gold index, propped up early in the week by a higher world bullion price, toppled 51.7 points to end the week at 895.5. BHP, the centre of market attention during the

week, finished 2c up at 834 after closing mid-week at

8.44. In other market leaders, CSR added seven to 356 while MIM lost one to 247, and CRA 14 to 520. Santos, amid rumours that the South Australian Government may increase the maximum permitted holding in the company from 15 per cent,, closed 10c Up at 550. In other leading mining Western Mining lost 18 to 310, Bell Resources firmed 45 to 530, and Niugini Mining 2c to 200. Brokers said industrial stocks performed remarkably well considering an interest rate increase midweek. EEL was steady at 840

while Australian Gaslight added 84 to 614. In the banking sector, ANZ firmed one to 476, Westpac lost 3c to 450, while National Australia was steady at 470.