AUSTRALIA, All sectors firm
PA Sydney Australian sharemarkets ended last week firmer across the boards in thin trading, pushed up by bargain, hunters among quality industrial stocks and a stronger mining sector.
Near the close of trading on Friday, the allordinaries index was up 3.5 points to 1130.4, a discount of 9.5 points on the previous Friday’s close. The ail-industrials index was 4.6 firmer at 1803.0, and the all-re-sources closed 2.6 points up at 620.7. The gold marker improved 5.1 points to 970.6.
National turnover was 50.5 M shares worth sAust7s.sM, against the previous week’s 63M shares valued at SB6M. Brokers said the market
struggled to maintain direction in the absence of local or overseas developments, but managed to shrug off reports that United States based Moody’s Investor Services intended to review Australia’s triple-A credit rat-
The market leader, BHP, finished on par with the previous week’s close of 820 c, while Elders IXL, which peaked at 512 c on take-over speculation, closed on Friday at 496 to be one cent down on the previous Friday. CSR, given shareholder consent to issue 625 M ordinary shares instead of the original options issue, was steady on Friday on 292 c, to beBc down-for the week.
On the industrials board, selling pressure in the wake of the weaker Australian dollar saw demand fall among quality industrial issues, especially among
finance, developers, ■ and media stocks.
FAI, embroiled In- court action over its Pioneer Concrete Holdings, remained steady on 700, a fall of 70c for the week. Elsewhere,' Lend Lease rose 10c to 790 c, to be 2c off since the previous Friday, and Adelaide Steamship lost 20c to 1120 c, for a week’s loss of 10c. ?!
Among media stocks. News Corp fell 30c to 1960 c, to be 40c down on the week. The Herald and Weekly Times was 6c up at 570 c, an improvement of 10c, and Fairfax, steady on 538 c, was 12c down.
Mining stocks were firmer on balance in response to higher bullion prices and the weak dollar, with Aberfoyle up 10c to 750 c, for a weekly gain of 50c, while CRA, 8c firmer at 582 c, lost 8c for the week. Among the gold miners, Central Norseman remained steady bn 830 c, for a 30c gain, - — —- . --.-s——
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Press, 21 July 1986, Page 28
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381AUSTRALIA, All sectors firm Press, 21 July 1986, Page 28
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