Bleak picture on Australian market
Low world metal prices, a strong US dollar, easier gold values, and further losses on Wall Street tightened the bear’s grip on the Australian sharemarket yesterday. Heavyweight miners and oil stocks bore the brunt" of the losses with the all-ordin-aries index failing 5.9 points to 474.4.
The index has slumped 30.6 points since the start of the month and now stands at its lowest level since April 14.. Brokers said the bleak picture on the London metals exchange was depressing the mining sector.
They added that London investors had not yet returned to Australian stocks after resolution to the conflict in the Falkland Islands.
Local traders were disappointed when the London
sharemarket fell despite the surrender by the Argentinian troops. BHP dropped 18c to 712 c, which is the lowest level for the shares since April 14, when it stood at 710 c. BHP has sought import restrictions on certain steel
products from the temporary assistance authority because of a recession in the world steel industry. . In the miners. CRA was 10c lower at 270 c, MIM was unmoved at 260 c and Western Mining was 11c lower at 312 c.
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Press, 17 June 1982, Page 22
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196Bleak picture on Australian market Press, 17 June 1982, Page 22
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