Quiet market
The Australian share market opened quietly yesterday, after Friday’s brief rally, and leaders such as B.H.P. and Hamersley eased sharply. , News of gas flows on the North-West shelf and in central Australia gave a boost to some of the resources stocks while take-over situations were mostly quiet. B.H.P. fell 25c to 11.45 c after a day of ups and downs. Dealers suggested the issue would remain unsettled as it goes ex-bonus and ex-dividend on Thursday. Hamersley lost 15c to 245 c in continued reaction to news it was mothballing its
pellet plant at Pampier as Japanese steel mills were not renewing contracts. On a brighter note Woodside petroleum rose 3c to 87c on the news that gas had flowed from the Pueblo No. I well being drilled on the North-West shelf.
A.0.G., Bridge Oil and Offshore finned after reporting that gas had flowed from their Silver Springs No. 5 well in Central Australia. Among the industrials CSR put on 15c to 270 c. Dealers suggested sugar stocks would firm ahead of an expected sugar price rise. Bundaberg wqs steady at 385 c, while Pioneer Sugar gained a cent to 142 c.
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Press, 10 April 1979, Page 14
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193Quiet market Press, 10 April 1979, Page 14
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