Australian market not reacting

Press, 19 November 1981, Page 22

Australian market not reacting

The Campbell committee report, which recommends a wide range of measures to de-regulate Australia’s financial and securities industries, failed to elicit a clear response from sharemarket traders yesterday. The sharemarket was static, and trading was cautious in the wake of the report’s release in Federal Parliament. The market monitor, the all-ordinaries index, was 0.2 points down to 565.1 by the close of. the afternoon session. Industrial stocks were mixed, and the report had little impact on the closelyobserved banking and finance sector. Mineral and oil issues weakened in the

opening but firmed during the day and most majors were; steady when the market closed. Brokers said that the poor response from traders was expected, and the market, would show few • positive short-term gains as a result of the report’s public airing: Brokers said the sharemarket could reap some gains in the long-term, but the Campbell seeds required government nurture to germinate. They said many investors; believed many ideas and options suggested by the Campbell committee will remain dormant because the Federal Government will not implement some of the politicallysensitive recommendations.