Aust ‘centred’

Press, 25 January 1988, Page 26

Aust ‘centred’

NZPA-AAP Sydney Surprise corporate plays dominated an otherwise lacklustre Australian sharemarket last week, with all activity centred on a handful of quality stocks. Trade in market leader BHP, its major shareholders, takeover target PekoWallsend and suitor North Broken Hill, cashbox Cumberland Credit Corporation and troubled entrepreneur Ariadne eclipsed all other business, with many stocks little changed over the week. By the close on Friday, the all ordinaries index was steady on the previous week’s 1277.5 finish after swinging in line with similar performances in New York. Blue chip industrial scrip were the only winners, with the all industrials index gaining 34.0 points to 2002.3. The gold marker fell 99.4 points to 1833.3 and the all resources 22.3 to 724.9. BHP took centre stage late in the week after announcing a surprise $2.7 billion restructuring, finally eliminating the threat of a successful take-

over bid by long-time pursuer Robert Holmes a Court’s Bell stable or John Elliott’s Elders IXL. Elsewhere, Peko-Wallsend and bidder North Broken Hill continued to attract interest following the $6O million sale by Sir Ron Brierley’s Industrial Equity of its crucial Peko options to North. North lost 10c to 250 c and Peko 8c to 742. lEL rose 6c to 166. Ariadne rose 5c to 52 despite a series of problems over the week. The Supreme Court ruling the group could not extend its $l2O million rights issue. Cumberland Credit also featured prominently in turnover lists following FAI boss Larry Adler’s disposal of his controlling interest in the group to lan Joye’s Coronet Equities NZ, Ltd. The group finished up 12c at 72 as a result. Sharply lower bullion prices saw Renison drop 50c to 850, Emperor 30c to 320 and Western Mining 38c to 514. Kidston was one of .the gain, rising 5c to 440.