AUSTRALIA Pressure on gold lowers market

Press, 4 November 1986, Page 26

AUSTRALIA Pressure on gold lowers market

NZPA Sydney Concerted selling pressure among gold stocks sent Australian share markets lower yesterday although good support for industrial stocks in the afternoon session helped pare losses. The downturn in gold stocks accelerated in late trading as bullion came under further pressure in Hong Kong and on concern that the week-end agreement between the United States and Japan would strengthen the American dollar and weaken bullion prices. By the close of trading, the all-ordinaries index was 1.7 points down at 1375.7, but the industrial marker rose 5.8 from Friday’s record to 2163.8.

Selling pressure spilled over into heavy-weight miners and diversified resource stocks, while quality industrial issues, including transport, merchant and insurance stocks, continued to attract strong demand.

The all resources index finished 7.5 points down at 778.0, and the gold index shed 31.9 points to 1612.9.

National turnover was a healthy 111.64 M shares worth 5125.80 M, rises outstripping falls almost three to two. N.Z. Forest Products, which fell five points to 2.80, dominated turnover as the Sydney broker Potts, West, Trumbull reported a special sale of five million shares at 2.70.

Diversified resource issues were weaker with BHP down 4c at 852 and Bell Resources 5c lower at 420.

Among gold stocks, Renison dropped 26c to 924, 20c cuts sent Kidston to 800, Emperor to 630 and Metana to 570; while heavy-weight miners to fall included Western Mining, with a 15c cut to 470 as MIM dropped 3c to 252. Strong support and stock shortages on the industrial boards sent News Corp 50c higher to 3550. The insurer, FAI, attracted solid support with a 30c gain to 850, Amatil jumped 20c to 820 and Lend Lease advanced 10c to 1020.

Transport issues were in demand as Brambles added 6c to 716 with TNT Up 7c at

375 while merchants also attracted support with Burns, Philp 10c up at 820 and Elders, which was ex-divi-dend and ex-bonus, 4c higher. The banks were generally weaker, with Westpac 9c lower at 465 while National and ANZ were both steady at 554.

On the Sydney Futures Exchange, December share price index futures fell six points to 1353.0, a 22.5 point discount to physicals.

Closing quotes Last Industrial Buy Sell sale ACI 400 402 400 AGC 320 — — ANI 298 300 298 ANZ 554 556 554 AWA 630 636 634 AdelStm 1360 1365 1365 Adtiser 290 —— — Alpha — • 60 58 opt — 40 —— Amatil 820 — 820 Amcor 380 382 380 Ampol 270 — 272 Argo 300 —— — Ariadne 322 325 323 Arnotts 518 524 520 AFound 210 220 220 AustOvrs 71 — 72 opt 36 — —— BHP 850 852 852 Barwon 70 75 75 BellG 1065 1075 1070 pref 2400 — — Bondcorp 275 280 278 Boral 445 450 445 Brambles 710 716 716 Brierley 524 530 530 Bundaberg 260 265 260 BumsP 830 — 820 CIG 450 455 450 CSR 300 302 302 Cadbury 240 242 240 Carricks 33 34 34 ChaseCrp 620 630 620 Claradeen — 170 170 Clyde — 175 170 CoalAll 530 550 — ColesM 532 536 530 Comalco 245 255 250 DeakMorg —— 170 170 EDunlop 400 425 410 Eastcourt 85 90 90 Elders 370 372 372 opt87 — 450 «— Email 300 305 300 Equitcorp 168 170 168 EuroNat 650 670 650 FAI 850 — 850 Fairfax 730 740 730 FeltexNZ 325 — — Fletcher 420 —■ — Fortuna 160 170 — GPT 262 265 265 Goodman 388 390 390 Hanimex 115 116 115 Hardie 385 387 385 Herald 766 — 766 Hitek 135 140 — Hooker 248 250 250 Humes 315 318 318 IlProp 2000 2100 - ICI 260 265 260 lELGrwth 132 140 132 lELIncme 130 140 132 IndEquit 640 642 640 Jasco 185 190 185 Jennings 200 205 200 JonesDav 1310 — 1320 JonesRbt — 1010 1000 Kern 220 230 230 Lrchill 210 — — opt90 100 — 110 Leighton 88 89 88

LLease 1015 1020 1020 Linter 620 630 620 MayneN 322 325 325 Mcpherson 240 255 255 Memtec 340 355 340 Monier 206 208 208 NZFor 280 285 280 NZICorp 165 166 165 NatAust 554 556 554 NatCons 310 — 315 NewsCorp 3550 3600 3550 Nicholas 380 —— — OPSM 355 360 360 Oakbridge 75 78 75 PacDunlp 363 365 365 Parbury 175 185 — PetersSl 225 230 225 PioneerC 295 300 295 PioneerS 135 140 QBE 700 710 —- Reckitt 636 640 —— Renouf 170 175 175 Rheem 360 370 360 Rothmans 1050 — 1050 Rothwells 390 400 394 SmithHwd 475 — 475 Sunshine 335 340 340 TNT 372 —— 375 UnionC 530 550 540 UnityCro 475 480 475 Vapocure 300 310 290 Vestcorp . — 95 95 Viking 105 110 105 Walton 32 33 33 Wattie 310 — 312 WfieldHl 2800 2900 2800 Westmez 240 242 242 Westpac 465 467 465 Woolworth 380 382 380 Wormaid 430 435 430 Aberfoyle 1140 1160 1160 Ashton —— 235 235 AustDebl 315 320 320 BellRes 418 420 420 Bouganvle 318 320 318 CNGold 1440 1460 1450 CRA 776 780 776 CarrBoyd 125 130 125 ConsRest 7 8 8 ConsRtle 660 680 660 Dominion 82 90 82 ERA 165 168 165 Emperor 630 640 630 GMKalg 1350 1370 1350 H11150 69 70 69 Kidston 800 810 800 Kitchener 80 —— — MIM 252 255 252 MetalsEx 120 125 — NorthBH 260 262 260 Otter 70 — — PancontM 260 270 270 Paringa 265 270 265 Peko 640 650 640 PlacrDev 3500 3600 — PlacrPac —— — 292 Poseidon 470 475 475 QldCoal 172 173 172 RGC 924 930 924 SthnPac 22 25 22 Technomin — 40 40 WMC. 470 475 470 WestSand 250 255 250 WhimCrk — 480 — AOG ' 235 —— 235 AmpolExp 295 300 300 Beach 65 68 68 Bridge 79 80 80 Claremont 100 102 102 Crusader 180 — 185 Hartogen 245 260 250 LreachO 16 — Magellan 175 190 180 Magnet 10 12 10 Offshore 8 9 9 OilSerch 85 86 86 PancontP 18 19 18 Peko 115 120 115 Santos 425 427 425 Vamgas 270 275 260 WeeksPet 950 980 — Woodside 105 106 105