AUSTRALIA Easier, after several records
PA Sydney Australian sharemarkets ended the week easier after experiencing record highs, a 14.9 point mid-week crash, the country’s largest ever takeover bid, and record falls in world oil prices.
The week was dominated by . Tuesday’s sAustl.9 billion partial bid for BHP by Mr Robert Holmes a Court’s Bell Resources. BHP ended 160 c lower at 718, while Bell Resources fell 130 to 510, and its parent company, Bell Group, lost 42c to 698.
The all-ordinaries index fell 6.0 points to 1069.8 and the all-resources 23.2 to 646.3. The all-industri-als added 20.2 to 1621.9, and the gold index tumbled 53.5 to 943.9. The all-ordinaries reached a record 1075.7, close on Tuesday on news of the Bell bid, but experienced its biggest fall in three months on Wednesday when it fell 14.9 on the back of a weaker BHP share price and falls in world oil and gold prices. The market recovered
later in the week and as one broker said: “Wednesday was simply clearing the air and the market is now poised to continue its bullish run, eventually pushing through the 1100 barrier.”
Among industrials, News Corp hogged the limelight, closing 160 c higher at 1250 on news that Mr Rupert Murdoch had taken on the British Print Unions.
Rothmans Holdings was another big mover on industrial boards, inspired by a good profit result, ending the week 70c higher at 700.
Market leaders and heavyweight miners suffered as a result of midweek falls in world gold and oil prices. CRA fell 4c to 566, MIM 11c to 292, Santos 30 to 496, and Western Mining 24 to 340. Among gold stocks, Kidston dropped 50 to 590, Whim Creek 10 to 235, Poseidon 27 to 275 and GMK 70 to 870.
In the banking sector, ANZ gained 8c to 465, while Westpac fell 10 to 452, and National Australia 5c to 475.
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Press, 10 February 1986, Page 32
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316AUSTRALIA Easier, after several records Press, 10 February 1986, Page 32
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