Aust, boosted

Press, 2 May 1988, Page 14

Aust, boosted

NZPA-AAP Sydney The Australian sharemarket finished the week higher with solid gains in most sectors, boosted by takeover speculation and encouraging performances from overseas equity markets. By the close of the week the all ordinaries index had risen 20.1 points to 1456.7 and the all industrials had gained a solid 51.0 points to 2343.9. The gold marker added 17.9 points to 1761.1 but the all resources index fell 1.8 points to 786.5. Speculation surrounding a change in ownership within Robert Holmes a Court’s Bell group of companies built up during the week and saw heavy trading in both Bell stocks. After the close of trade on Friday Bell Group announced that Bond Corp and the State Government Insurance Commission of Western Australia had each acquired a 19.9 per cent stake in the company from interests associated with Mr Holmes a Court.

Bell Group shares closed the week 13c higher at 170 and Bell Resources shares firmed 1c to 162, while Bond Corp advanced 22c to close at 163.

BTR Nylex rose 44c to 670 after announcing it had ac-

quired full control of ACI International and made a SIBOM profit from the sale of its stake in Pilkington ACI. Tobacco group, Rothmans, leapt 100 c to close at 900 after Industrial Equity lifted its stake above 15 per cent through its controversial tender offer. lEL gained 10c to 185. Brierley Investments was 2c higher at 122 after placing its 35 per cent stake in NZI Corp on the market. In the banks, ANZ finished 5c up at 425, NAB jumped 18c to 532 and Westpac added 12 to close at 608. Heavyweight resource stocks were mostly easier. CRA and Western Mining both dropped 2c to close at 714 c and 546 c respectively, while MIM was down 9c at 167. North Broken Hill rose a cent to 286. Elders Resources, which wrapped up its reverse takeover of NZ Forest , Products, finished 5c lower at 240 c.