BHP 44c higher
An influx of buyers gave the Australian sharemarket its strongest rise of the year yesterday prompted by White House backing for reductions to the projected Federal Budget deficit for
1983, brokers said. However, brokers said the rise was helped by a lack of available seller scrip to meet the sudden increase in overseas and local buying orders. At the close the all-ordin-aries index was up 14 points to 512.7. The jump put the index at its highest point since February 15 when it stood at 516.8. Previously the best rise of 1982 had been on April 26 when the index gained 11 points.
Brokers said that President Reagan’s support for a SUS77,OOOM reduction in the estimated budget deficit had caused buying of Australian stocks in London on Thursday night which continued in Australia with most leading stocks closing on their highs. The fifty leaders climbed almost 17 points, and metal stocks were up 20 points. Turnover was wortn $9.6M compared with ?6M on Thursday. BHP closed on a high of 818 c making a rise of 44c.
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Press, 8 May 1982, Page 18
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180BHP 44c higher Press, 8 May 1982, Page 18
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