AUSTRALIA Record market close

Press, 20 March 1987, Page 11

AUSTRALIA Record market close

NZPA-AAP Sydney Australian sharemarkets closed at record levels as strong support for resource stocks and a steady gold price helped push the market higher. Trading also received a boost from a firmer close

on Wall Street overnight and the Reserve Bank’s decision to cut the rediscount rate to 17.3 per cent. National turnover was a high 160 million shares worth sAust26o million with rises outnumbering

falls by 397 to 316. GMK was again the highlight in the gold sector, jumping 200 c to 2700. Poseidon gained 70c to 950, Central Norseman 40c to 1510 and Placer Pacific 12c to 250.

Aberfoyle dropped 50c to 1250 while among the larger miners, Western Mining added 6c to 662 and CRA 10c to 694. Resources leader BHP finished 10c higher at 1100 on turnover of 2.2 million shares after reaching a record high of 1110 in early trading as investors attempted to gain positions in next week’s gold float Its associate, Bell Resources, gained 20c to 495, CSR added 8c to 398 and Peko Wallsend 10c to 660. On the industrials board Coles Myer, which announced a 16.74 per cent increase in net interim profit shortly before the

close, finished 22c higher at 660, News Corp added 40c to 2310 and ACI 10c to 390 c. Pioneer Concrete lost 10c to 350, TNT and Hooker the same to 448 and 350 respectively, lEL 8c to 538 and the National Australia Bank 4c to 518. In a strong oil and gas sector Santos gained 30c to 445 and Crusader and Hartogen 10c to 195 and 295. The news that Claremont Petroleum had bought a 19.9 per cent stake in Beach Petroleum and was launching a takeover bid at 70c a share saw Beach shares add 16c to 82c. Aust sales • The Press Association was unable to provide the closing sales figures from the Australian markets yesterday.