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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 24, 1971
Page
4
Devaluation of the Australian dollar spurs firmer activity across equities and commodities. Traders weigh speculative moves as key shares rise while others slip, with notable gains in metals and financials.
Market report notes declines across major indices with Wall Street down 3.5 points to 984.8 and London and Sydney exchanges showing weaker performances. Fragmented text references sector movements and tentative investor sentiment amid volatile sessions.
The report lists share price indices across sectors including banks insurance and textiles with figures like 254 and 4898 for common stock and a small rally in the oil index up 0.39 to 134.65 after two days of declines. Mining coverage notes activity and sector movements with implied gains in several leading stocks.
Encabba project, a joint venture between Elmer Tenoings Csid and Minerals NL, plans a June start on an 8 per $13 million mineral sands venture 60 miles north of Perth. Officials estimate potential annual output between $7 million and $4 million, with shipments via Geraldton by 1973, and surface operations to remove sands at escalating tonnages. The venture envisions Sands with high grade silica near Onslow and the Swan River district, while Harbourside advances marine rights in New Zealand and Wanganui interests.
Melbourne Stock Exchange delays delisting of Woodside Oil NL and Mid Eastern Bank after receiving acceptances above 90 percent for Woodside Burmah Oil and related entities. Secretary Mr Knowles states delisting will not occur until subsequent timelines.
Trading in mining and oil shares showed gains as investors priced in higher demand. Analysts cited steady commodity prices and resumed production as factors driving the uptick.
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