AUSTRALIA Strong market performance

Press, 12 January 1987, Page 26

AUSTRALIA Strong market performance

PA Sydney Australian share markets put in a strong performance in the first full week of business for 1987, reaching record levels for four of the five trading days.

Brokers said take-over activity in media stocks and speculation of moves on market leader BHP and CSR were largely responsible for the market’s rise. Solid institutional buying, high levels of liquidity and overseas interest, and a firm local dollar also helped to support the market, they said.

By the close of trading the all-ordinaries index had risen 48.3 points from the previous Friday’s

close to a record 1535.2. breaking through the 1500 barrier for the first time.

The all-industrials index gained 65.1 points to 2427.8 and reached a record 2429.0 on Wednesday, the all-resources put on 35.8 to 858.3, and the gold index was 64.1 higher at 1853.2.

Stocks involved in the take-over offers for Herald and Weekly Times and Queensland Press made some of the largest gains.

Queensland Press jumped 2.80 to 20.00 and reached a record 20.50 after John Fairfax’s 20.00 a share offer last Sunday. Advertiser Newspapers had finished 1.05 higher at 5.80, on turnover of 1.9

million shares. HWT gained five to 13.55 and Fairfax 1.05 to 12.05.

News Corp, however, lost 25 to 18.45 after reaching 19.35.

In Mr Robert Holmes a Court’s camp. Herald offerer J. N. Taylor gained 60 to 810, Bell Group finished 92 stronger at 9.92, and Bell Resources put on 32 to 4.70, with 6.4 million shares changing hands Continued speculation that Bell Resources or Elders IXL may be planning a move on BHP pushed the Big Australian’s share price up 32 to 9.28, on turnover of 7.8 million shares.

Elders IXL was itself heavily traded, with 6.7

million shares changing hands, and gained 35 to 4.85. Other industrial stocks to stand out included FAI, up 1.12 to 9.52, ANZ, 38 higher at 5.98, and Brambles, 30 stronger at 730, Burns Philp gained 56 to . 9.66. Miners received solid support as the gold price hovered around the SUS4OO an ounce level; Aberfoyle put on 80 to 12.60, Central Norseman 40 to 15.60, Kidston 50 to 790, Mrtana 70 to 830 and MIM 23 to 2.63. Western Mining gained 34 to 600 on turnover of 68 million shares In oil stocks, Santos rose 35 to 4.55 and Hartogen 25 to 3.25,