Australia reflects high interest rates

Press, 11 August 1988, Page 29

Australia reflects high interest rates

NZPA-AAP Sydney The Australian sharemarket suffered its biggest fall In almost two weeks in nervous trading triggered by plunging world markets on fears of higher interest rates. Brokers said the local market struggled for most of the day, but closed on its lows when Tokyo’s Nikkei index slumped 620 points in late trading. They said the decline in bullion prices added to the negative sentiment, with prices falling sharply in all sectors. By the close of floor trading, the all ordinaries index was down 24.6 points, ending a four-day upward push. The all industrials slumped 35.2 to 2613.8, its biggest decline in almost four months, and the all resources lost 16.2 to 890.8. The gold index suffered the heaviest loss, diving 53 or 2.6 per cent to 1922.3, after the almost SUS 4 decline overnight in bullion, although prices firmed marginally to $U5427.55/95 an ounce in local trading. National turnover was 124.56 M shares worth sAustl9B.2BM and declines outnumbered advances by about nine to four. Leading mining and industrial stocks, the star performers yesterday, suffered the heaviest selling pressure. In the industrial sector, Coles Myer slumped 35c to 1055, Rothmans 30c to 850, while 20c falls sent News

Corp to 1055 and BTR Nylex to 910. Market leader BHP fell 8c to 836 on turnover of 2.29 M shares,'with J. B. Were crossing 1.3 M in a special sale. Elders IXL attracted some overseas selling and lost 8c to 345, as 1.59 M shares changed hands. Westpac led the declines among banks, falling 24c to 680, while NAB and ANZ each fell 8c to 640 and 482 respectively. Bell Resources added 1c to 171 as 1.37 M shares traded, mostly specialled by Dominguez Barry Samuel Montagu. Among heavyweight miners, CRA fell 24c to 956 and Western Mining 16c to 616 as 1.56 M shares traded. MIM lost 7c to 217 in heavy overseas sales. Renison plunged 40c to 960, and 20c losses took Kidston to 350 and Metana to 760. Pangea Resources was steady at 80c and topped turnover lists with 14.92 M shares, believed to have been picked up by suitor Chase Corp, which lost 3c to 97.

Closing quotes Last Industrial Buy Sell sale ANI 202 203 204 91nts 481 — 490 96nts 350 378 —— ANZ 482 483 482 AWA 285 290 285 Acmex 135 — — AdelStm 694 700 700 Alcan 275 280 280 Alkair 135 — 135 Alpha 20 25 — Amatil 836 840

B 850 900 — Amcor 506 508 508 ApexPac 88 90 90 Argo — — 265 Ariadne 21 22 21 Arnotts 514 520 — Arrowfeld 300 305 — 89opt 100 — — AFound 140 144 145 AustOvrs 33 35 33 BHP 834 836 834 BTGlobal 35 38 37 BTR 910 912 910 BankQld — — — BeilG 263 —— 263 pref — 910 — BellRes 171 172 171 Bisleyopt 2 — — BondCorp 205 208 205 BondMed 71 72 72 91 opt 5 6 — Boral 502 504 504 Brambles 1030 1045 1040 90nts 1100 —- — BrickP 410 — 410 Brierley 132 134 134 Bundaberg 308 312 310 Burns 345 355 355 CIG 460 — — CSR 465 468 465 Cadbury 347 350 347 Chase 96 98 97 Claradeen 50 —— —— ClayR 151 155 — ClayRPT 35 39 — Clyde 123 125 123 CoalAlI 475 — 465 ColesM 1045 1050 1055 Comalco 467 468 468 CorpEqit 180 190 190 91opt — — — Cortaus 4 5 4 Duke — — 33 EDunlop 255 — 260 Eastcourt —— 20 — Elders 342 345 345 Elders Rs 330 335 335 Email 425 442 435 Equitcorp 60 65 60 EuroNat 55 60 60 Expo 36 38 —

FAI 428 431 429 FinMet 80 85 — FCL 418 419 418 Fortuna — 180 —- GPT 268 270 270 Goodman 252 253 252 HDFI 25 28 —— Hanimex 266 -— 266 Hardie 328 330 328 Helm 260 265 260 Hitek 81 85 85 Hooker 228 230 228 Humes 261 262 262 IlProp 1800 1820 1820 ICI 680 700 680 lELGrwth — 140 .140 lELIncme 85 120 85 Imagin 145 150 145 IEL 187 188 187 InterPac 35 37 37 Intrchase 165 170 168 Jasco — 220 — Jennings 255 262 262 JonesDav 900 910 910 JonesRbt 86 88 86 Jonray 80 84 80 Kern 235 — —- Kimberley 60 88 — Lrchhill 18 30 —— 90opt 1 — — Leda 54 55 55 Leighton 75 77 75 LLease 1490 1500 1505 Linter 345 — Mayne — 654 648 McPherson 125 126 125 Memtec 220 225 225 NZI 110 115 115 NatAust 638 640 640 NatCons 273 275 275 NewsCorp 1050 1060 1055 OPSM 280 285 282 Oakbridge 21 25 21 PacDunlp 450 454 450 Parbury 86 88 88 PetersSl 260 265 265 Pioneer 330 332 329 QBE 556 570 570 Qintex 435 440 437 ReilCorp 196 198 — Rothmans — 870 850

Rothwells 62 65 — SmithHwd 385 390 390 SthnFarm 300 315 315 Stockbge 45 50 — 89opt — 20 — TAGPac 25 26 —— TNT 472 474 471 Taylor 200 205 200 USMaster 56 60 — Union 600 606 — Vapocure 10 13 — Vestcorp 39 45 — Viking 13 ■ 15 13 Walton —— 30 28 Watty! — 405 405 WestCptl — 215 210 WfieldH! 390 395 390 WfieldTr 181 183 182 Westmex 138 140 138 Westpac 684 686 684 WfldCap 90 95 95 WilNeill 50 52 50 Woolworth 328 332 330 Wormaid 183 185 185 AUR 44 — 44 ACMins 328 330 330 Aberfoyle 600 530 600 Ashton 170 172 172 AustDevl — 215 225 BHPGold 79 80 79 Bendigo 24 29 27 nts 4 7 —— 88opt 5 8 — 89opt 6 8 — Bougainvl 408 410 410 CNGold 108 110 110 CRA 958 960 958 CarrBoyd 82 90 82 CityRes 40 41 40 ConsRes 18 20 20 ConsRtle 900 — — DeltaG 65 66 65 opt 38 40 40 Dominion 165 —■ 165 ERA 265 270 — Emperor 375 380 375 Forsayth 308 310 310 GMKalg 162 164 162 GiantRes 123 124 123 opt 1 2 2 Hi!150 166 170 170

JasonMin — 105 105 Jiana 17 22 17 Kidston 340 350 350 Kitchener 45 — 45 KiwiGold 11 12 12 MIM 217 218 218 Metals 185 200 190 Metana 750 760 760 Moruya 47 50 48 Niugini 402 405 405 Noranda 86 87 86 NBH 305 310 308 NthKalg 47 48 48 NthFlndr 880 —— 880 Otter 20 27 — Pancont 185 190 186 Paragon 70 71 71 89opt 47 48 — Paringa 210 215 210 PlacrPac 225 230 230 Poseidon 228 232 228 QCTRes 120 121 120 RGC 980 980 980 SnsGwlia 702 — 700 Spargos 20 22 20 SthnPac 36 38 36 Technomin 14 17 — TitanRes 16 18 18 89opt 5 8 — WMC 616 618 616 WalMin 160 170 165 WestSand 270 275 270 AOG 71 72 71 Arnpol 273 275 275 Beach 29 30 29 Bridge 98 100 100 opt 52 53 52 Claremont 30 31 31 Crusader 145 150 — Cultus — 24 22 Hartogen — 160 155 Longreach 6 — — Magellan 270 280 270 Magnet 7 8 — OilSch 117 120 117 PekoOil 146 148 148 Petroz 3 4 3 Santos — 425 428 Vamgas 300 310 300 WeeksPet — 1100 — Woodside 179 183 183

Mr Graham W. Valentine, who has been appointed deputy chairman of the AMP Society’s New Zealand board of directors and a member of the principal board of directors. A member of the New Zealand board since 1973, Mr Valentine, succeeds Mr H. W. Huse who retired recently. Mr Huse became a member of the New Zealand board in 1972, and its deputy chairman and member of the principal board in 1978.