Melbourne Stocks Firm And Steady

Press, Volume CVI, Issue 31108, 11 July 1966, Page 9

Melbourne Stocks Firm And Steady

(N.Z. Press Association —Copyright.) MELBOURNE, July 8. Industrial shares remained firm on the stock exchanges this week and turn-over edged slightly higher. The basic wage judgment delivered today provides for a rise of 2 dollars, but the market showed no reaction to the news.

Sydney all ordinaries index gained about half a point and Melbourne leaders advanced fractionally in the week to Thursday. Daily moves were:— Sydney—32B.s9, 328.91, 328.37, 328.44, 328.39. Melbourne—llo.6o, 110.79, 110.21, 110.36, 110.27.

row Island sent Ampol Exploration higher. Prestige Hosiery announced a 6 per cent gain in sales to 29.6 m dollars, and plans for a 1.2 m dollar note issue.

Output of metals at Mount Isa reached a peak level for the year. The. Commercial Bank of Australia is paying a 2 per cent bonus to ordinary and preference shareholders .to celebrate its centenary And negotiations have been completed for a second off-shore drilling rig by Esso Exploration to be completed by mid 1967. Some of the main share moves for the week included: B.H.P. up 10c, Carlton Brewery up 13c, C.A.G.A. up 10c, A. down 10c, G.U.D. up 14c, 1.C.1.A.N.Z, down 25c, Macrobertson down 15c, Ampol Ex. up 11c, A.O.G. up 20c, B. down 18c, C.R.A. up 10c, Mount Morgan up 10c, New Broken Hill down 10c, Woodside up sc, and Lakeview and Star up 38c.

Most sections of the Sydney index gained led by steel, building and electrical industries. Base metals led the falls. Steady Demand There was steady demand for B.H.P. in early trading and a revival of interest in oil exploration issues. Mount Isa dipped sharply following the announcement that the development of the McArthur river ore bodies could cost 100 million dollars. 1.C.1.A.N.Z. also suffered a setback on news of a declining earning rate. Shares in A.C.L fell suddenly; Martin Corporation has made a 8.9 m dollars takeover bid for F. W. Williams, Ltd., and if successful will release the Williams holding of 1,650,000 A.C.L shares well below current market level. One of the best moves of the week was the steady gain in Lakeview* and Star after the British Treasury’s decision to permit the company to move to Australia. A substantial tax saving will result, a similar transfer by New Broken Hill has been refused, and the shares suffered a setback. Pastoral Shares

Improved seasonal conditions brought a better demand for the shares in the pastoral group ind the implement makers and there was strong support for brewery issues. News of a gas find on Bar-