Australian market eases further
A feeble attempt at a. late rally on the Australian sharemarket was not enough to kick the currently depressed market out of its bearish mood. In the afternoon session bargain’ hunters snapped up small parcels of discounted major stocks, with BHP and CSR reaping most of the benefits. ’ • "•• However, market analysts remained unimpressed by the show of support saying it did not reflect a switch in direction, and the main market measure still showed a loss at the end of the day. Brokers added that in the current climate a small gain
or loss overseas was ignored locally, with traders responding grimly to bad news while discarding good news. «At the close of trading the all-ordinaries index was off 2.4 points to 480.6. Heading the turnover table on a reasonably active day was Burns Philp with .1,000,000 shares done at 245 c, which is 5c below.'its previous price. > ' > < One broker crossed'96o,ooo of these with one institution .thought to have bought the stock as a replacement for • stock it sold in Burns Philp’s take-over target,- Mauri Brothers and Thomson.
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Press, 4 March 1982, Page 20
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182Australian market eases further Press, 4 March 1982, Page 20
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