AUSTRALIA Nervous market easier

Press, 9 June 1986, Page 30

AUSTRALIA Nervous market easier

PA Sydney Australian sharemarkets ended a week of choppy trading easier, as nervousness about the future direction of the market and the local economy kept buyers mostly sidelined, brokers said. The all ordinaries index lost 10.8 points to 1230.2 and traded between 1241.2 and 1218.3, and the all-industrials fell 27.6 points to 1971.7. The all-resources index climbed 1.9 points to 668.4 and the gold index rose 58.8 points to 912.1 — still a long way off its record 1126.1 reached in August last year.

Among gold stocks, Gold Mines of Kalgoorlie jumped 100 to 820, Kidston put on 54c to 594, Poseidon 15 to 295, and Emperor 25 to 310. CRA could not sustain the levels reached the previous week and slipped two to 640 after reaching 658. Elsewhere, tin miner Aberfoyle put on 60 to 780, MIM two to 230 on turnover of 1.8 million shares, North BH 11 to 205, and Queensland Coal Trust 15 to 175. WMC lost 5 to 320 on turnover of 2.9 million shares, Comalco also shed 5 to 240, and Bougainville was steady at 272. Sarich Technologies Trust advanced 140 to

sAustl7.oo and reached a record $17.50. APA rose 25 to 1200, Amatil 20 to 790, Arnotts 10 to 465, and CSR 17 to 355 on turnover of 4.8 million shares. Banking stocks were heavily traded but fell back sharply; ANZ lost 36 to 534 on turnover of 3.6 million shares, the National Australia shed 16 to 600, and Westpac 36 to 500, with 7.1 million shares changing hands. Pioneer Concrete slid 10 to 280 while its suitor, FAI, gained 6c to 856. Hooker, whose take-over bid for Email expired on Thursday, slipped 3c to 282 while Email gained 5c to 260.

BHP was quietly traded but brokers said investors were still hopeful of a higher bid from Bell RecniirCPS BHP shares fell 16c to 864 on turnover of 3.2 million shares worth sAust2B.2 million. Bell Resources closed steady at 430, its parent the Bell Group gained 50 to 920 and Adsteam put on 10 to $13.10. Elders IXL rose 5c to 445 on turnover of 1.9 million shares, while Equiticorp slipped 2c to 168. Oil and gas stocks were quietly traded. Santos fell 25 to 380, AOG and Bridge lost 10 each to 165 and 80c respectively, while Magellan gained 7c to 135.