Australian market

Press, 12 November 1981, Page 20

Australian market

The Australian share market lost ground yesterday as support waned for key industrial issues, and the beleaguered metal and oil stocks resumed their downward spiral. The drop signalled the end of prospects for the reinforcement of share prices in the recent six-day rally. The market looks set for another slide because of the absence of short-term bullish signs. Traders on Wall Street showed uncertainty this week as they analysed the conflicting forces currently pressuring the market. The latest U.S. interest rate falls, and predictions of

a further easing, have been welcomed but fears about the severity of the U.S. recession are growing. While Wall Street dithered gold traders acted on the latter concern. The sharp fall in overnight gold prices bore down on Australian gold stocks and several metal issues. Most resource issues retreated, pushing the market monitor, the all-ordin-aries index, down 4.8 points to 571.3. The index of all mineral stocks lost 2 per cent and the all-industrials index gained only 0.5 point for the day to hover just above the 700point barrier.