Aust, resumes fall

Press, 23 November 1987, Page 14

Aust, resumes fall

By 1

TRISH CROAKER

NZPA-AAP Sydney Growing concern about the lack of progress in the U.S. Budget deficit talks saw the Australian share market resume its downward track last week, with all of the week’s gains wiped out by Friday. Stocks were pushed quietly lower in three consecutive down sessions late in the week as investors looked for further concrete direction from abroad, “The Reagan Administration’s apparent Inability to fix a deficit policy is undermining the market, with many people feeling the final package may not be as solid as needed,” one broker said. “This is historically a quiet time of the year anyway, which is also not helping to boost stocks,” he said. By the close, the all ordinaries index was down 19.8 points to 1255.9, after the previous week making its first weekly gain since the October share market crash. Similar losses were evident In all sectors of the market, with the all industrials dropping 21.3 points to 1952.5, the gold marker 57.6 to 1850.1 and the all resources 17.8 to 722.5. Growing rumours of impending takeover plays between Bell Resources, Elders IXL and BHP saw interest in the trio eclipse all other activity on the bourse during the week.

Reports focused on the possibility of Robert Holmes a Court’s Bell Resources making a takeover bid for BHP, John Elliott’s Elders IXL making a bid for Bell or the

Big Australian itself moving on Bell Group’s resources arm. All three companies, and Elders associate AFP, dominated turnover tables,