Gold slump sparks Aust, sell-off

Press, 29 January 1988, Page 21

Gold slump sparks Aust, sell-off

NZPA-AAP Sydney The Australian sharemarket closed sharply weaker but off its lows for yesterday, brokers said. Gold bullion’s slump to SUS 467 an ounce in New York from around $U5470.05/55 on Wednesday sparked a widespread sell-off amongst top miners, despite the metal’s partial recovery in Sydney to 5U5467.50/68. Poor performances on Wall Street and in London helped fuel the falls. The all ordinaries index closed down 16.2 points to 1253.3 as the gold marker fell 93.5, or 5.3 per cent, to 1662.5. The all resources fell 21.8 points, 3 per cent, to 691.6 and the all industrials 6.2 to 1994.3 as national turnover reached a moderately heavy 110.24 M shares worth sAust2oo.79M. Falls outnumbered rises by almost two to one. Quality gold-related stocks were marked down throughout the session after the fall in the bullion price, which has now lost more than SUSIO in the past week. Sons of Gwalia dropped 60c to 600 c, Metana 40c to 830 c, Emperor 30c to 250 c and Newmont 15c to 135 c. Elsewhere among the miners, Bougainville fell 35c to 310 c, Western Mining 23c to 475 c and CRA 20c to 540 c. Among the industrials, transport, retail and insurance shares fell but alcohol, media and banking stocks managed small gains. FAI dropped 24c to 500 c after a 16c slide on Wednesday, as 12c falls took BHP to 658 c and Brambles to 808 c. Cumberland Credit rose 12c to 82c on news that TNT, down 5c to 373 c, had

launched a takeove r bid for the group. Advance Bank Australia rose 30c to 275c. Closing quotes Last Industrial Buy Sell sale ACI 388 392 390 AFP 86 87 86 AGC 340 345 340 ANI 168 169 168 91 nts 414 416 414 96 nts 320 — — ANZ 356 360 356 AWA — 200 198 Acmex 115 — 115 Adel-Stm 430 435 430 Adtiser 860 880 — Alcan — 140 135 Alkair 30 — — Alpha 12 15 12 Amatil 704 708 708 B 670 — —— Amcor 370 378 378 Ampol 350 352 350 ApexPac 95 98 — Argo 200 210 210 Ariadne 48 49 49 Arnotts 436 440 Arrowfeid 290 340 — pref — 180 — AFound 105 108 105 AustOvrs 31 33 33 BHP 658 660 658 BTGlobal 30 32 —— BTR 644 646 644 Bank 270 300 270 Barwon — 20 20 BellG 175 178 175 pref — 1200 — BellRes 152 154 154 Bisley opt 1 5 —— BondCorp 169 170 170 BondMed 52 54 54 opt 11 12 —- Boral 355 358 355 Botena 122 — 122 Brambles 808 810 808 90 nts 780 — — Brick 322 325 322 Brierley 122 130 128 Bundaberg 278 280 280 Burns 400 405 400 CRP 39 — 40 CIG 405 420 — CSR 348 350 349 Cadbury 245 249 245 Chase 86 88 88 Claradeen — 68 70 ClytnRob 120 125 125

Clyde 145 — 145 Coal-All —- 345 — ColesM 600 606 606 Comalco 235 240 240 Cortaus — 12 10 Costain 190 205 190 Deak — 55 50 EDunlop 230 — 230 Eastcourt 30 32 30 Elders 310 313 312 Email 257 260 257 Equitcorp 82 85 80 EuroNat 25 50 — FAI 496 500 500 Feltex 220 — — FinMet 95 100 102 FCL 390 400 400 Fortuna — 120 — GPT 280 285 283 Goodman 210 213 213 BDFI 75 80 78 Hanimex 135 140 138 Hardie 263 265 263 Helm ■ 160 165 — opt — 95 — Hitek 35 45 — Hooker 176 177 176 Humes 220 240 — HProp 1650 1800 — ICI 415 420 415 lELGrwth — 80 — lELIncme 70 — — Imagin 70 72 70 IEL 156 158 157 Inter-Pac — 100 — Intrctiase 75 80 — Jasco 175 — — Jennings 207 210 210 JonesDav 536 542 540 JonesRbt — 98 95 Jonray — 90 90 Kern 160 180 — Kimberley — 100 — Lrchhill 60 70 —— opt 5 30 — Leda 42 45 — Leighton 49 50 50 LLease 1150 1160 1150 Linter 250 260 — Mayne 451 453 451 McPherson 115 120 115 Memtec 220 225 225 NZFP 270 — 270 NZI 168 178 — NatAust 435 438 438 NatCons 225 230 — NewsCorp 1190 1200 1200 OPSM 265 275 270 Oakbridge 20 27 26 PacDunlp 370 375 370

Parbury 35 80 — Peters 227 235 230 Pioneer 242 245 245 QBE 385 390 390 Qintex 445 450 445 Reil — 240 — opt 10 — — Industrial Buy Sell sale Renouf 185 — — Rheem 200 205 200 Rocado — 25 — nts 5 — — opt 5 — — Rothmans 700 720 — Rothwells 70 72 — SmithHwd 285 290 285 SthnFarm 410 420 420 Stockbge 35 45 — opt — 20 — TAGPac 18 20 — TNT 373 375 373 Taylor 160 175 175 USMaster 55 60 55 UnionC 450 — — UnityCrp 59 68 65 Vapocure 26 32 30 Vestcorp 40 45 40 Viking 12 14 — Walton 28 30 30 Wattyl 335 348 340 WestCptl 170 185 — WfieldHl 520 — —— WfieldTr 175 180 180 Westmex 66 67 67 Westpac 495 500 500 WfldCap 54 58 50 Woolworth 215 216 215 Wormaid 120 122 122 AUR 45 48 45 ACMins 288 290 290 Aberfoyle 405 415 405 Ashton 130 135 135 AustDevl 150 170 150 BHPGold 80 81 81 Bendigo 50 58 56 Ct 45 65 — opt — 40 40 opt 15 29 20 Bougainvl 310 315 310 CNGold 105 110 108 CRA 536 540 540 CarrBoyd 79 90 — CityRes 33 35 33 ConsRes 2 4 3 ConsRtle 600 610 — Dominion 95 98 95 ERA 220 240 220 Elders 225 228 225 Emperor 250 260 250 Forsayth 160 165 160

GMKalg 280 290 290 GiantRes 110 120 110 opt —- 10 — H11150 — 200 — JasonMin 260 — 260 Jlana 19 20 20 KiaOra 41 42 42 Kidston 400 405 405 Kitchener 55 — — KiwiGoId 25 26 25 MIM 153 154 154 Metals 195 200 —— Metana 800 830 830 Moruya 30 35 32 Niugini 450 460 460 Noranda 130 135 135 NBH 240 250 240 NthKalg — 70 70 NthFlndr 570 580 580 Otter 33 35 30 Pancont 175 180 175 Paragon 75 77 75 rts 80 85 —— opt 57 60 58 Paringa 110 120 no Peko 730 734 730 PlacrPac 160 165 165 Poseidon 240 245 240 QldCoal 112 114 114 RGC 790 800 800 SnsGwlia 610 650 600 Spargos — 32 30 Ct — 1 — ShtnPac 28 30 30 Technomin 20 25 — TitanRes 14 17 — rts 2 3 — WMC 475 476 475 WalMin 140 150 150 WestSand 150 160 —■ ADG 62 68 65 Ampol 270 285 285 Beach 29 31 29 Bridge 66 68 66 opt 28 30 30 Claremont 26 28 28 Crusader 120 130 — Cultus 16 30 — Expo 40 45 — Hartogen 155 165 155 LreachO — 15 — Magellan 290 320 290 Magnet 6 —- — OilSch 68 70 68 PekoOil 85 86 86 Petroz 2 3 3 Santos 390 395 395 Vamgas 230 — — WeeksPet 1100 — —— Woodside 125 132 120