AUSTRALIA Industrials’ record week

Press, 3 February 1986, Page 32

AUSTRALIA Industrials’ record week

NZPA-AAP Sydney Australian sharemarkets closed the week at record levels with strong performances in industrial stocks after favourable domestic economic news pushed the market up. At the close of week’s trading the all-ordinaries Index had gained 22 points from the previous week’s close to a record close of 1075.1. The allindustrials index was 41 points up to a record of 1601.7. The all-resources index was eight points to 669.5. The gold Index jumped 29 points to 997.4. Heavy turnover in BHP pushed the market to a record turnover on Thursday of sAust2B2M.

BHP closed the week 14c up at 888 after reaching a high of 910 and a low of 868. About 38M shares were traded in the week as frantic trading in BHP options reached a head on Thursday. While the final details are unclear it is believed that Bell’s chief, Mr Robert Holmes aCourt, has increased his BHP holding 1 per cent to just under 19 per cent.

News Corporation recorded a strong rise as the market perceived Rupert Murdoch was winning his British newspaper battle with striking printers’ unions. The share price rose 168 to 1090 after reaching a high of 1150. Other stocks to rise during the week were Bell Resources, up 24c to 640, the Bell group, 20c to 740, Adelaide Steamship, 60c to 1170 and FAI, 74c to 674.

The mining sector was relatively quiet with North Broken Hill adding 8c to 280, MIM 5c to 303, GMK 60c to 940 and CRA losing 8c to 570. Major banking stocks traded strongly during the week, the National Australia Bank gaining 18c to 480, Westpac He to 462 and the ANZ 2c to 457.