SYDNEY STOCKS

Press, Volume C, Issue 29510, 11 May 1961, Page 19

SYDNEY STOCKS

Easing Trend This Week (N.Z. Press Association) SYDNEY, May 10. After a slight finning tendency at the start of the week, share prices fell back at the week's close on the Sydney Stock Exchange, the’ exchange reported today. The ordinary share price index closed 0.91 points down at 197.26 after reaching 300.37 last Thursday. The Sydney share price index does not include oil stocks.

Oil stocks fell back sharply this week. Australian Oil and Gas, which reached an all-time peak of 28s on May 1. but had fallen to around 16s by Wednesday, May 3, slipped to as low as 9s 6d this week before recovering to Ils 9d.

Although the oil produced at A.O.G.’s Cabawin No. 1 well has been of high quality the production rate has been tar short of that required for commercial production. which has fluctuated between 78s and 72s 9d in recent weeks, sold as high as 76s and closed at a low’ of 74s after heavy selling on Wednesday.

R.M.C. Ease After its acquisition of Australian Blue Metal. Ready Mixed Concrete has announced a one-for-seven issue at par and a placement of 800,000 5s ordinary shares at a placement price of 12s 9d. Ready Mixed Concrete’s shares fell from 16s 7d to 15s 6d during the week. Carpet Manufacturers which had sold at 33s at the end of March fell 3s to 23s this, week. There is no obvious reason for this sharp decline.

Australian Factors 4s shares paid to Is 3d were added to the list this week. First sales were recorded at Is 6d.

Clyde Engineering.—The chairman of directors of Clyde Engineering. Ltd., Mr M. O. Barnett, advises that the annua! accounts for the year ended March 31 snowed an increase in turnover and profit but the accounts had not been completed and audited.