Melbourne Market More Buoyant

Press, Volume CV, Issue 30977, 5 February 1966, Page 18

Melbourne Market More Buoyant

(N.Z. Press Association—Copyright;

MELBOURNE, February 4.

A more buoyant market ruled for shares on the Stock Exchange this week and prices reached their best level for the current year. There was strong support for most metal issues, according to the Melbourne Stock Exchange weekly review.

Turn-over in most sections of the market improved. Sydney all-prdinaries index gained three points and Melbourne leaders nearly one point in the week to Thursday. Daily moves were: Sydney. 326.88, holiday, 327.84, 328.53, 329.50. Melbourne.—lo 7.47, holiday, 107, 108.04, 108.31. Pastorals declined but all other sections of the Sydney index moved higher led by finance companies and building industry. Cigarette manufacturer, Philip Morris scored one of the best rises for the week following the announcement of a 39 per cent gain in earnings for the half-year to December. Profit was £476,806 and interim dividend was raised from 5J per cent to 6 per cent. Earning rate was equal to 56 per cent. Myer Emporium reported that the company now holds 82 per cent of the issued shares of Myer (S.A.), Ltd., and W. R. Grace announced that they have 83 per cent of the capital of Cresco Fertilisers, Ltd. Company News Lamson Industries lifted profit by 15 per cent for the year and is holding its 9 per cent dividend rate. Finance Corporation of Australia lifted profit by 20 per cent for the six months and Carlton Brewery raised its dividend from 131 per cent to 16} per cent following a strong profit rise to a peak

>of £533,119 for the year to December. B.H.P. announced plans to • construct off-shore drilling ; rigs for oil and gas searches. Shares in Associated Pulp continued to improve following the doubling of profits and the higher interim dividend. The index for the 50 leaders, which opened the week at 107.47, closed at 108.36, in Melbourne. Some of the major share moves for the week included: Associated Pulp up Is lid; Australian Consolidated Industries down Is 3d; British Tobacco up 8d; B.H.P. up Is 3d; Colonial Sugar down 9d; Commonwealth Industrial ■ Gases down Is 9d; Humes up 2s 6d; Lamson up Is; Minster down Is 9d; Philip MorI ris up 8s 6d; Myer S.A. up • Is; Tooths up 2s 6d; Aberfoyle ; up Is; A.O.G. up Is sd; Consolidated Rutile up 10s; K. I. I Scheelite up 2s 9d; Loloma up ; Is 6d; Mt. Isa down lid; Mt. I Lyell up 8d; Mt. Morgan , down Is 6d; Renison up 4s; I Kathleen Investments up 2s • 9d; and Tableland down 2s.