Bears dominate Aust, market
The Australian share-' market finished on a weaker note yesterday as a bout of resource sector profit-taking and a lower gold price overseas pushed prices downwards. Thursday’s rally in metal issues quickly faded at the opening as many investors decided to follow the current bearmarket advice and take profits early. At the close, the all-ordin-aries index had lost 1.5 points to 477.4 with the resource and industrial markers falling by similar amounts. Brokers said a major factor behind the marginal selloff was the closing of the shortened three-week trading account in London. U.K. investors were thick on the overseas sales boards as they off-loaded Australian stocks when settling up their books. Market observers said the market’s recent performance shows how sensitive traders
are to the fluctuations in gold prices in London and New York. Gold miners were mixed after a $3 fall in the precious
metal in New York. Central Norseman shed 2c to 400 c, Poseidon gained 5c to 170 c and Peko lost 5c to 465 c.
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Press, 17 April 1982, Page 18
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173Bears dominate Aust, market Press, 17 April 1982, Page 18
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