AUSTRALIA Busy but lower
NZPA Sydney Australian sharemarkets reversed their earlier trend and finished the week lower across the boards, dragged down by bearish economic news and a falling dollar.
Brokers said the worse-than-expected 1.7 per cent rise in the June CPI and the M 3 money supply figure of 13 per cent, together with the falling dollar, combined to depress an already nervous market.
BHP closed steady on 8.20 after reaching a low of 7.96, to be 6c down oh the week, with a weekly turnover of 20.3 million shares, mainly options-re-lated, worth sAustlsB.7 million.
Speculation that the BHP take-over tangle might be resolved
received a boost when more than four million Elders IXL shares traded. However, in the absence of any new developments, Elders closed 10 off at 4.75, to be 20 down on the week.
Among the other players, Adsteam, mooted to be a heavy buyer of BHP to cover a short position, was steady on 10.80, a fall of 50c on last Friday and Bell Resources gained 20 to 4.10, an improvement of 30c.
On' the industrial boards, fears of higher interest rates brought qualify industrial stocks under pressure.
National turnover was 86.2 million shares worth sAustlBB.3 million compared with the previous week’s 63 million shares valued at $B6 million.
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Press, 28 July 1986, Page 32
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214AUSTRALIA Busy but lower Press, 28 July 1986, Page 32
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