The Stock Market
p. 164 · Read in the full issue
Again, this month, share trading on Sydney Stock Exchange has continued to hoom. On February 5, following a week of record sales, the index hit the un touched high of 332.23. In the opening Tveek of January it was 321.
Market observers say the confidence of the investing public reflects the half yearly reports of the main companies which generally have been reported as good, with a bright outlook for the second half”.
Range of trading has been wide—wool pastoral, manufacturing, retail, mining I’ P nce . nse s have been the result persistent buying support. Buy ing by large institutions, too, has been a contributing factor.
Australian share prices give everv an therSdenL St t aying at high levels - since tendency to regard a stock’s highest price level as its normal price still per
sists. One result is that any slight down turn in price tends to make a share look cheap and sets off an immediate buying surge.
London and New York exchanges have been faltering in recent months, after peak periods late last year, and they could well serve as a warning to local investors. With many of today’s Sydney stocks, the current market does seem to be over-anticipating future benefits
Sydney Sales Prices
Jan. 6, ’60 Feb. 4 Burns Phllp . . . 103/6 100/- Burns Phllp (SS) . . 68/6 66/9
C.S.R
£81/17/6 £81/10/- Dylup Plantations 30/- 29/6 Hackshalls . . 55/9 55/3 Kauri Timber . 20/6 22/- 10/- Kerema Rubber 9/9 Koitakl . . .
Lolorua ...
Maribol ...
Norfolk Is. Whaling 28/- 12/- 9/- 5/7 30/- 13/- 10/- 7/- Queensland Insurance 98/- 94/3 Rubberlands . 7/6 8/- Sthn. Pac. Insurance 40/- 51/- Steamships Trading . 51/9 56/6 W. R. Carpenter Hold. 26/- 28/- Timor Oil 5/2 4/7
Oil And Mining Shares
Fiji
July 9. ’58 Jan. 6, ’60 Feb. 4 Emperor . b5/9 b6/3 s6/6 b40/- Loloma . . — b42/-
Papda-New Guinea
Bulolo . . . b35/b36/6 b37/- N.O.O. Ltd. bl/By a s2/6 b2/6 Oil Search b2/6 b5/7 b5/9 Ent. of N.G. b7d b5d b5d Papuan Apln bed b4/ll b3/8V 2 do. opt. . bey 2 d bl/71/a 1/6 Placer Dev. b86/6 b96/6 blOl/- Sandy Creek b4d bid H9H