AUSTRALIA Record highs

Press, 27 January 1986, Page 12

AUSTRALIA Record highs

PA Sydney Australian sharemarkets reached record highs in the middle of the week’s trading before negative news from overseas and profit-taking pulled the market down. At the close of the week’s trading, the allordinaries index had lost 14 points from the previous week’s finish, to 1052.9, after reaching a record high of 1069.2. The all-industrials gained 0.5 points to 1561.0, reaching a record high of 1570.0. The allresources index dropped 24 points to 661.0, and the gold index lost 80 points to 958.6. Brokers said the market has been overdue for a sizable fall, particularly in the face of falling gold,

oil, and base metal prices, and a declining Wall Street market. BHP traded strongly amid rumours of a move by Bell chief Mr Robert Holmes aCourt. About 5.2 million shares were traded, and the stock fell 36c to 874 as profit takers moved in. About 8 million shares in North Broken Hill, under a partial take-over bid by lEL, were exchanged, with the share price easing 6c to 272. Bell Resources’ strong yearly profit results, which were released midweek, led to it — and its parent company Bell Group — being heavily traded. Bell Resources closed 16c up at 616, and its parent was steady on 720.

Among other leading stocks, Western Mining lost 22c to 360, CRA 22c to 574, and the gold miner, Central Norseman, 80c to 710. lEL shed 22c to 718, while TNT added 7c to 283, FAI 10c to 600, and APM 11c to 327. Banks closed the week easier, with the National Australia off 13c to 462, ANZ 10c to 455, and Westpac 6c to 451.