AUSTRALIA Markets lower

Press, 16 September 1986, Page 31

AUSTRALIA Markets lower

NZPA-AAP Sydney Australian share markets closed sharply lower in moderate trading after investors responded to massive falls on Wall Street and other major offshore markets. Industrial issues were hardest hit, brokers said.

Highlight of the session was the announcement of an agreement between BHP, Elders IXL and Bell Group. It effectively limits future BHP take-over offers from Bell and Elders to full cash bids. But the announcement had little impact on the trading floor, with BHP easing 16c to close at its day's low of 760.

Bell -Resources was also thinly traded and closed 10c lower at 460, while Elders IXL firmed 10 to 470. Adsteam eased 40 to 1150 and Equiticorp Tasman was up 3 to 135. Selective buying interest highlighted the mining sector, with brokers reporting solid overseas demand for most leading gold stocks and heavyweight miners. Among gold miners, Central Norseman rose 100 to a record 1400, while Poseidon added 22c to 377 and Emperor finned 14 to 375. Elsewhere, CRA advanced 10 to 700 and Western Mining rose 12 to 422. MIM was also actively traded. It closed 7 higher on 227.

Lack of institutional demand and nervousness over the market’s direction after Wall Street’s collapse brought most industrials under selling pressure, particularly banks and developers. The ANZ fell 14 to 526 in solid turnover, the National Australia shed 12 to 556 and Westpac eased 11 to 472. Lend Lease lost 14 to 846, Hooker eased 13 to 215 and profit-takers trimmed 120 off News Corp at 2680.

Industrial Closing quotes Last sale Buy Sell ACI 36'0 62360 AGC 320 330 330 ANI — 260 260 ANZ 508 510 510 AWA — 626 620 AdelStm 1150 1170 1150 Ad’tiser 300 310 300 Alpha 33 39 — opt 16 20 — Amatil 756 — 754 Amcor 338 340 340 Amol 220 225 220 Argo — 285 280 Ariadne 290 292 290 Arnotts — 490 485 AFound 200 — 200 AustOvrs — 85 — opt — 50 50 BHP 760 770 760 BankQld — 330 330 BellG — 980 980 pf 2400 2500 — BondCorp 285 290 285 Boral 424 425 424 Brambles 620 626 620

Brierley 530 — 536 Bundaberg 250 265 260 BumsP 650 660 650 CIG 365 370 370 CSR 285 290 285 Cadbury 245 248 248 Carricks —— 29 29 ChaseCrp 520 524 524 Claradeen 130 145 — Clyde 180 185 180 CoalAll 460 465 460 ColesM 475 480 480 Comalco 235 240 235 DeakMorg 125 130 125 EDunlop 420 425 425 Eastcourt 72 75 75 Elders 465 470 465 opt 400 — — Email — 240 235 Equitcorp 135 140 135 EuroNat 340 350 350 FAI 680 688 680 Fairfax! 570 580 570 FeltexNZ 270 290 — Fletcher 340 355 350 Fortuna 170 185 GPT 280 285 280 Goodman 310 315 310 GGotch 300 350 — Hanimex 60 65 60 HardieJ 345 350 345 Herald 610 620 614 Hitek —- 160 — Hooker 210 217 215 Humes — 300 300 IlProp —— 2200 — ICI 245 250 245 lELGrwth 140 145 145 lELIncme 140 145 145 IndEquit 740 744 740 Jasco 170 180 — Jennings 177 180 177 JonesDav 1200 1210 1210 JonesRbt 430 450 450 Kern 175 — 175 Keywest 740 — 750 Larchhill 220 225 225 opt 100 105 — Leighton 64 65 65 LLease 840 846 846 Linter 504 — 506 MayneN 295 300 300 McPherson 210 212 210 Memtec 260 — 260 Monier — 230 230 NZFor — 200 200 NZICorp 145 150 145 delxo 140 — NatAust 552 556 556 NatCons 270 275 270 NewsCorp 2670 2680 2670 Nicholas 380 — 380 OPSM 300 315 315 Oakbridge 80 81 80 PacDunlp 325 327 325 Parbury 135 — —- PetersSl 196 197 196 PioneerC 255 256 255 Pioneers 130 135 135 QBE 620 630 630 Reckitt 630 634 630 Rheem 320 330 — Rothmans 900 910 900 Rothwells dd 380 385 385 SmithHwd 457 463 460 Sunshine 315 320 320 TNT 312 316 312 UnionC 530 — —— UnityCrp 410 450 450 Vapocure 198 200 200 Vestcorp 67 — 68 Viking — 88 85 Walton — 34 33 Wattie — 300 — WfieldHl 2400 2500 2400 Westpac 470 475 472 Woolworth 316 320 317 Wormaid 430 432 420 Aberfoyle 700 910 900 Ashton 180 182 182 AustDevl 75 80 75 BellRes 440 445 445 Bouganvle 310 315 310 CNGold 1400 1405 1400 CRA 700 702 702 CarrBoyd — 115 113 ConsRes 8 9 8 ConsRtle 450 465 450 ERA 150 152 150 Emperor 380 — 380 GMKalg 1420 — 1420 Hill50 51 — 51 Kidston 778 780 780 Kitchener 90 no 90 MIM 226 227 227 MetalsEx 117 118 118 NorthBH 235 240 235 Otter 48 50 50 PancontM 280 285 285 Paringa 190 195 190 Peko 630 640 630

PlacerDev 3500 3650 — Poseidon 377 380 377 QldCoal 163 164 162 RGC 740 746 740 SthnPac 20 22 22 Technomin 45 50 45 WMC 420 425 422 WestSand 205 215 215 WhimCrk —— 355 355 AOG 145 148 145 AmpolExp — 240 235 Beach 65 66 65 Bridge 81 83 83 Claremont 92 93 93 Crusader 165 170 170 Dominion 63 64 63 Hartogen 195 205 205 L’reachO 13 —— —— Magellan — 170 — Magnet 7 8 — Offshore 6 7 6 OilSerch 58 59 59 PancontP 12 13 12 PekoOil — 90 90 Santos 400 405 405 Vamgas 255 260 260 WeeksPet 900 920 — Woodside 95 — 93