B.H.P. And Mines Feature In Aust.

Press, Volume CVI, Issue 31114, 18 July 1966, Page 15

B.H.P. And Mines Feature In Aust.

GV.Z. Press Association-Copyright)

MELBOURNE, July 15. Mining stocks and B.H.P. held most of the interest of investors on Australian stock exchanges this week. C.R.A. Western Mining and Renison were all in strong demand and continued to overshadow the rest of the market, says the Melbourne Exchange weekly market report.

Some of the leading industrials responded to better buying support, but activity remained subdued in the remaining sections of the list. The market has reacted favourably to the 2-dollar rise in the basic wage. Demand for B.H.P. and Western Mining sent prices to their highest points for the year, and turn-over in 'these issues was above average. There was better support for both brewery and newspaper shares.

There was more interest in gold mining stocks as rumours of the possible devaluation of sterling gained ground. Higher prices announced by the Tin Council brought some improvement to tin stocks. Sydney all-ordinaries index gained 7 points and Melbourne leaders 3$ points in the week to Thursday. Daily moves were: Sydney: 329.75, 332.19, 332.82, 334.09, 335.09. Melbourne: 111.16, 111.17, 112.52, 112.99, 113.64.

Banks and transport Industries barely held levels while all other sections of the Sydney index gained, led by base metals and steels. Directors of Colonial Sugar forecast lower profits unless sugar prices rose quicker than expected. The company is raising nominal capital by 15m dollars but no share issue is to be made at this stage. B.H.P. announced higher output for June. Rothmans reported a 2.6 per cent fall in the year’s earnings to 3m dollars. Dividend is being held at 20 per cent. Waltons’* Purchase Waltons have purchased two new stores—one in Canberra and the other in Sydney. Ballarat Brewing Company is lifting dividend a point to 13 per cent after a slight profit rise. Some of the share rises for the week included: A.C.I. up 14, A.P.M. 12, B.H.P. 22, C.I.G. 13, Herald 15, R. W. Miller 12, Philip Morris 20, Queensland Press 15, Repco 13, Swan Brdwery 12, C.R.A. 22. G.M. of Kalgoorlie 14, King Island 20, Loloma 30, Mt. Morgan 16, Renison 50, Western Mining 36, and Western Titanium 10.