Bargain hunters move in
Active buying of Australian stocks in London before the week-end heralded a long-awaited technical rally on the Australian sharemarket yesterday. Resource issues fared best, while the oil and gas index, savagely reduced last week,, picked up 10.6 points. Oil stocks were boosted by reports that OPEC may seek to lower crude oil production levels to bolster sagging prices. Brokers said buying support for discounted leading stocks was inevitable, but added that gains did not indicate a switch in the market’s essentially bearish mood.
At the close of trading, the main market indicator, the all-ordinaries index, was up 4.6 points to 469.5 with the resource sector climbing almost nine points and industrials easing half a point. Brokers said the prospect of increased interest rates from this week’s SSSOM Treasury Note tender, and fears of tight money in the June financial rundown period, may have dampened enthusiasm for industrial stocks. BHP, which was cut back 80c in heavy selling last week, rose 18c to 762 c in heavy volume, mainly because of the closure of the Melbourne exchange fbr the Moomba holiday.
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Press, 9 March 1982, Page 22
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184Bargain hunters move in Press, 9 March 1982, Page 22
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