Record after record on Aust. market

Press, 5 January 1987, Page 25

Record after record on Aust. market

NZPA Sydney Australian share markets ended 1986 and started the New Year on a strong note, buoyed mainly by interest in media stocks as the takeover battle for the Herald and Weekly Times continued. The markets set record levels on each of the four trading days last week as investors sought out selected industrial issues and gold and oil stocks. Higher gold and crude oil prices and the prospect of lower domestic interest rates contributed to bullishness created by the HWT bid.

By the end of the week the all-ordinaries index had risen 24.5 points to a record 1486.9. The all-industrials index jumped 35.2 points to close at a record 2362.7, the all-resources index, gained 16.5 to 822.5, and the gold index moved 28.8 points higher to 1789.1.

The media index advanced 430.0 points, or 6.5 per cent, to 6991.4. The HWT associate, Queensland Press, made some of the biggest gains, moving up 60c to 1720 and reaching a record 1730 on turnover for the week of only 36,990 shares. Brokers said the market believed the Bell chief, Robert Holmes a Court, or the News Corp’s Rupert Murdoch might make a move on Queensland Press to get its board to accept their offers fOr HWT, of which it holds 24 per cent. HWT shares gained 70c to reach Mr Holmes a Court’s increased offer price of 1350, 937,000 shares changing hands. News Corp rose 190 c to reach a record 1890; Fairfax put on 20c to 1120; and Advertiser Newspapers gained 5c to 475. THe resource stocks, BHP and CSR, were boosted by speculation of changes on their share registers. BHP gained 20c

to 896 on turnover of 2.7 M shares and CSR 15c to 355 on 2.9 M.

Banking stocks were heavily traded but fnished the week mixed. National Australia gained 12c to 572 while Westpac shed 3c to 492. ANZ, trading without its 16c dividend for half the week, lost 14c to 566 on turnover of 4.3 M shares.

Elsewhere, Brambles rose 60c. to 790, TNT 5c to 405, Coles Myer 6c to 606 and Jennings 30c to 200.

A rise in the bullion price of 5U515.50 failed to completely offset falls in gold stocks earlier in the week. Central Norseman lost 10c to 1520 and Renison 10c to 960 while Kidston gained 30c to 740, Emperor 30c to 610 and Poseidon 6c to 566. Among the heavy-weight miners, CRA gained 2c to 740, MIM 4c to 240 and WMC 24c to 566. The oil sector leader, Santos, put on 5c to 420, Ampol Exploration 5c to 340 and Australian Oil and Gas 15c to 240.