Oils, Mines Still Dominate In Aust.
(N.Z. Press Association—Copyright) ■ MELBOURNE, June 24. Oil and mining shares continued to dominate trading on Australian stock exchanges this week, although turn-over was far less than that of last week, according to the weekly market report.
Main interest in oilwas an indication of gas in the No. 5 well in the Esso-B.H.P. Gippsland shelf. The discovery was made at 4754 feet—2oo feet below the first gas discovery in the No. 4 well, 3.4 miles north. The significance of the find took B.H.P. shares to 630 cents, their highest level for four years. Western Mining was another stock to command attention. A month ago the company announced a nickel discovery and this week the directors reported negotiations with the Western Australian Government to develop a copper find in the Warburton Range, area. The shares responded well to this latest news and jumped to more than 500 cents: before the nickel find they were priced around 240 cents.
Woodside and Santos were other oil stocks to improve. Sydney all-ordinaries index showed a fractional gain while Melbourne leaders improved over half a point in the week to Thursday. Daily moves were: Sydney, 325.42, 325.12, 325-83, 326.32, 325.96. Melbourne, 108.65, 108.80, 108.98, 109.46, 109.53. Section of the Sydney index moved irregularly but good rises were indicated in
steel and building industries
Two industrial stocks to come under notice were Fler and Cottees. Australian Controls has made a cash offer of 1.10 dollars for each Fler share, and the offered has been recommended for acceptance by the Fler directors. A firm offer is expected for Cottees from General Foods (U.S.). General Credits reported a 22 per cent lift in profits for the year to the record figure of 894,500 dollars. Australian Chemical Holdings have forecast much lower profits for the year and as a result the shares weakened. Base metals were strong, with C.R.A., New Broken Hill and Mount Isa leading the upward movement.
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Press, Volume CVI, Issue 31096, 27 June 1966, Page 17
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325Oils, Mines Still Dominate In Aust. Press, Volume CVI, Issue 31096, 27 June 1966, Page 17
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