AUSTRALIA Firm, active
PA Sydney Australian sharemarkets closed firmer for the week with take-over speculation in ACI and the release of Bell Resources’ part A statement, the major influences on trading, brokers said. At the close of business on Friday, the all-ordinaries index had gained 10 points on the previous week’s close to 1056.4, the all-industrials 35 to-a record close of 1633.8 and the gold index 32 to 913.2. However, the all-re-sources index fell 8.0 to 615.8.
Record closes on the London and Wall Street markets provided the impetus for the industrial sector’s gain. BHP fell to a year’s low of 666 during the week with Bell Resources' appearing to get the upper hand in its takeover battle for the company, brokers said. The stock closed 28c down for the week at 678 with weaker oil prices putting the stock under pressure.
Bell Resources rose 10c to 490, ■ while ■ the parent company, Bell Group, put on 8c to 658 and CSR lost 7c to 330.
About 13.7 million ACI shares were exchanged during the week with Equlticorp Tasman acquiring about 10 million, fostering rumours of
a later partial bid for the company. The share price rose 14 to 335. Among mining stocks MIM lost 17 to 255 largely because of its announcement of a rights issue, Comalco gained 16 to 206, Kidston 26 to 566 and Central Norseman 74 to 710. In the oil and gas sector, Santos shed 20 to 435 and Bridge Oil 11 to 175. On the industrial board Lend Lease jumped 40 to 690, News Corp 55 to 1245, Bond Corp 32 to 264, Pacific Dunlop 29 to 297 and TNT 12 to 300. Major banking stocks traded firmer, with the ANZ improving 23 to 493, the National Bank 18 to 482 and Westpac 9c to 464.
Sthn. Farm profit up
Southern Farmers, Ltd, announced a 177 per cent rise in December half net profit to 56.92 M and a one-for-three renounceable rights issue to raise capital for further expansion. The issue at 350 c a share follows a one-for-three rights issue announced last June by the 62 per centowned Industrial Equity, Ltd, (lEL) unit. . ..
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19860224.2.112.5
Bibliographic details
Press, 24 February 1986, Page 20
Word Count
359AUSTRALIA Firm, active Press, 24 February 1986, Page 20
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.