Melbourne Market Has Good Trading

Press, Volume CVI, Issue 31084, 13 June 1966, Page 17

Melbourne Market Has Good Trading

(N.Z. Press Association—Copyright/ MELBOURNE, June 10. Share trading on the Australian stock exchanges this week was at its best level for some months, with spirited bidding for shares in oil prospecting companies setting the pattern for a big gain in turnover, according to the Melbourne exchange weekly market report.

Sales In all sections of the market in Melbourne exceeded one million shares on two separate days with industrials being far more active. Turn-over in oils exceeded industrial sales twice during the week and their index reached a high level for the year.

Because of profit-taking, Western Mining Corporation suffered a sharp decline after recent strong gains. In oil, Mid-Eastern, Planet and Woodside were the stocks to gain the best following, while in the industrial section B.H.P. at one stage rose to its highest point for two years —590 cents.

B.H.P. production was 9 per cent higher for the year. Investors are showing Increasing interest in the stock as progress continues with

the well on the Gippsland coast.

An amount of 70.8 m dollars was spent in oil exploration in Australia and New Guinea during 1965. Sydney all-ordinaries index gained 4| points and Melbourne leaders 1| points in the week to Thursday. Daily moves were: Sydney 318.01. 318.75, 319.06, 320.57, 322.01. Melbourne, 105.96, 106.38, 106.50, 106.78, 107.19. Automotive industries barely held levels, according to the Sydney index, but all other sections improved, led by base metals and steels.

A.R.C. Industries announced a 3m dollar debenture issue to finance expansion. A.C.F. and Shirleys Fertilisers is planning a 2m dollar debenture issue.