Budget overshadowed
The prospect of lower United States interest rates caused Australian share prices to firm yesterday.
Brokers said the reaction to the gains on Wall Street in reaction to the interest rate; news swamped any price* variations that may have stemmed from the' Australian Budget.
The all-ordinaries index rose 5.9 points to 466.7.
Resource-related stocks to firm included B.H.P. 20c, C.R.A: 10c, '■'M.I.M. 14c, W.M.C. 12c, North Broken Hill 11c, and E.R.A. 7c.
Bougainville rose 1c ahead of its interim result, which showed a loss of 14.64 million kina ($N226.5M). This was the first loss for the copper and' gold mining company, based in Papua New Guinea.
Gold stocks rose with the higher spot price. . Brokers were optimistic that the United States discount rate might drop again in the next 48 hours' prompting additional buying on Wall Street and on Australian markets, especially in base metal stocks. : ' ■
Industrial stock prices waned in afternoon trading which brokers attributed to profit-taking. ’ The banking sector stood out as all bank stocks fell one or two cents on speculation that the Treasury was about to announce, entry permission for foreign banks.
Retailers were mixed and building industry stocks were firmer. Monier rose 5c ahead of its results due today.
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Press, 19 August 1982, Page 30
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206Budget overshadowed Press, 19 August 1982, Page 30
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